S&P changes Phoenix Services to negative

S&P said it affirmed the B corporate credit rating on Phoenix Services International LLC and revised the outlook to negative from stable.

At the same time, the agency affirmed the B+ issue-level rating on its subsidiary Metal Services LLC's term loan and revolving credit facility. The recovery rating remains 2, reflecting an expectation of substantial (70% to 90%; rounded estimate: 80%) recovery in the event of a payment default.

S&P said Phoenix Services’ $371 million first-lien term loan issued by Metal Services is due June 2019, which presents an elevated refinancing risk. As a result, the agency revised the outlook on Phoenix Services to negative from stable and affirmed the B corporate credit rating.

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