| Add to balance / Manage account | User: | Log out |
| Prospect News home > News index > List of issuers C > Headlines for Crossmark Holdings, Inc. > News item |
S&P downgrades Crossmark
S&P said it lowered the corporate credit rating on Crossmark Holdings Inc. to CCC from CCC+.
The agency also said it lowered the rating on Crossmark's secured first-lien debt to CCC from CCC+ and secured second-lien debt to CC from CCC-.
The 3 recovery rating on the first-lien debt indicates 50% to 70% expected default recovery.
The 6 recovery rating on the second-lien debt indicates 0 to 10% expected default recovery.
The outlook is negative.
The downgrades and negative outlook reflect the company's deteriorating liquidity and potential for a lower rating if a default or distressed exchange appears imminent, S&P said.
The company's operating performance has weakened considerably, free cash flow has turned negative and liquidity has declined over the last few quarters, the agency said.
© 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.