S&P cuts Rinchem; view negative

S&P said it lowered our issuer credit rating on Rinchem Co. LLC to CCC+ from B- and the issue-level rating on its first-lien facilities to CCC+ from B-.

The outlook is negative.

“We expect the company will generate negative reported free operating cash flow (FOCF) in 2023 and 2024, which will constrain its liquidity. Therefore, we expect Rinchem will further draw on its revolving credit facility to support its ongoing operations, growth strategy, and earnout obligations,” S&P said in a news release.

“This led us to revise our assessment of its liquidity to less than adequate.”

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