S&P alters FleetPride view to negative

S&P said it revised the outlook for FleetPride Inc. to negative from stable.

“The negative outlook reflects our expectation for weakened credit metrics in the near term as a result of weak demand from customers in the oil and gas end markets and elevated debt leverage following the recent draw on its revolving credit facility,” said S&P in a press release.

S&P affirmed its B- ratings on the company and its first-lien term loan. The 4 recovery rating is unchanged. The agency also confirmed the CCC rating and 6 recovery rating on second-lien term loan.

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