S&P slices Tervita to CCC+

S&P said it downgraded Tervita Corp. and its issue ratings to CCC+ from B+. The agency also revised the recovery rating to 4 from 3.

“We forecast that Tervita Corp.'s credit measures will be weaker than our expectations, with adjusted funds from operations (FFO)-to-debt averaging below 12% over the next two years,” S&P said in a press release.

“We also believe the company faces significant refinancing risk, with close to $600 million of unsecured notes due on Dec. 1, 2021,” the agency said.

The outlook is negative.

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