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S&P lowers Transtar, loans
Standard & Poor's said it lowered its corporate credit rating on Transtar Holding Co. to CCC+ from B and revised the outlook to negative from stable.
The agency also lowered its issue-level ratings on the company's first-lien revolving credit facility and term loan to B- from B+. The recovery rating was maintained at 2, indicating an expectation for substantial (70%-90%; higher end of the range) recovery in the event of payment default.
In addition, S&P lowered its issue-level rating on the company's second-lien term loan to CCC- from CCC+. The recovery rating was maintained at 6, indicating an expectation for negligible recovery (0%-10%) in the event of payment default.
"The negative outlook on Transtar Holding Co. reflects our opinion that there is at least a one in three chance that we could lower the corporate credit rating on Transtar during the next 12 months," S&P credit analyst Naomi Dsouza said in a news release.
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