S&P ups Renfro

S&P said it upgraded Renfro Corp.’s issuer rating to CCC- from SD following a deal, which the agency said it considers virtually a default.

The company borrowed $10.1 million under a priming new money term loan and allowed participating term loan lenders to roll a portion of the outstanding term loan into the new loan, S&P said.

However, in a press release, S&P said it still sees a “payment default or restructuring appears inevitable in the next six months primarily due to the refinancing risk associated with its upcoming debt maturities.”

S&P upgraded the term loan to CC from D and assigned the new priming loan a CCC+ rating.

The outlook is negative.

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