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S&P lowers Real Industry
S&P said it lowered the corporate credit rating on Real Industry Inc. to D from CCC+ and removed the rating from CreditWatch, where it was placed with negative implications on Nov. 14.
At the same time, the agency lowered the issue-level rating on the company's senior secured notes due 2019 to D from CCC+ and the issue-level rating on its ABL facility due 2022, borrowed by Real Alloy Holding Inc. and Real Alloy Canada Ltd., to D from B and removed the ratings from CreditWatch negative.
Subsequently, S&P withdrew the issue-level rating on the company's ABL facility at the issuer's request.
The agency said the D rating reflects Real Industry's announcement that it has filed for protection under Chapter 11 of the U.S. Bankruptcy Code.
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