S&P lowers EnergySolutions

Standard & Poor's said it lowered its corporate credit rating on EnergySolutions Inc. and its subsidiaries by two notches to B from BB-.

At the same time, the agency said it removed the ratings from CreditWatch, where they were placed on June 12, with negative implications.

The agency said it also lowered its issue ratings on the senior secured credit facilities to BB- from BB+ and lowered its ratings on the senior unsecured notes to B from BB-.

The recovery ratings on the secured credit facilities remain unchanged at 1. The agency revised the recovery rating on the senior unsecured notes to 3, indicating an expectation of meaningful recovery in the event of payment default, from 4.

"The downgrade reflects weakening credit metrics and the added uncertainty stemming from the unexpected change in management since the company's strategic and financial priorities are now less clear," said S&P credit analyst James Siahaan in a news release

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