S&P cuts SpinHoldco

S&P said it cut the ratings for SpinHoldco Inc. (CSC ServiceWorks) and senior secured credit facility to B- from B.

“The downgrade reflects our expectation that the company's FOCF generation and deleveraging in 2020 and beyond will fall short of our previous expectations. Previously, we had expected the company’s FOCF deficits to stop in 2020 but we now forecast FOCF deficits, which includes capitalized advance location payments, to persist over the next 12 to 24 months as the company pursues its growth initiatives,” said S&P in a news release.

The outlook is stable.

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