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S&P trims Varsity Brands
S&P said it downgraded Varsity Brands Holding Co. Inc. and its first-lien term loan to CCC+ from B-. The 3 recovery rating on the loan is unchanged.
Schools and many events have been canceled as a means of curtailing the spread of the coronavirus.
“We believe the revenue and profit of U.S.–based Varsity Brands Holding Co. Inc. and Hercules Achievement Inc., collectively known as Varsity Brands, could decline materially due to its participation in the school affinity market,” said S&P in a press release.
The outlook is negative.
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