S&P downgrades RGIS

S&P said it lowered its issuer and senior secured credit facility ratings on RGIS Holdings LLC to CCC+ from B-. The recovery rating on the senior secured credit facility remains 3.

At the same time, S&P placed all its ratings on CreditWatch with negative implications.

S&P said the downgrade of RGIS reflects S&P’s expectation that the company will violate its total leverage covenant for the quarter ending March 31, 2019 and S&P’s uncertainty that the firm's equity sponsor, the Blackstone Group, will invest additional capital into the company given its excessive leverage (S&P Global Ratings-adjusted debt of 19x-21x through 2019 or 7x-8x excluding preferred shares) and challenged business outlook.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.