S&P trims Emerald Expositions

S&P said it lowered its issuer credit rating on Emerald Expositions Holding, Inc. to B+ from BB-.

The agency also lowered its issue-level rating to B+ from BB and revised the recovery to 3 from 2 on the company's existing credit facility.

The outlook is stable.

“The downgrade reflects our expectation of a significant increase in debt leverage amid weak operating performance,” S&P said in a news release.

S&P expects adjusted debt leverage will increase to the low-4x area by the end of 2019 from 3.5x at June 30, 2019, due to an expected steep EBITDA decline in the second half of the year.

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