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S&P lowers TreeHouse Foods
S&P said it lowered its corporate credit rating on TreeHouse Foods Inc. to BB- from BB.
The outlook is stable.
At the same time, the agency lowered the issue-level ratings on the company's $2.15 billion senior unsecured credit facilities to BB- from BB. The facilities consist of a $750 million revolver due Feb. 1, 2023, a $900 million term loan A-1 due Feb. 1, 2023 and a $500 million term loan A due Jan. 31, 2025.
Th 3 recovery ratings are unchanged, indicating expectations of meaningful (50%-70%; rounded estimate: 65%) recovery in the event of a payment default.
The agency also lowered its issue-level ratings to BB- from BB on the company's $400 million senior notes due March 15, 2022 and $775 million senior notes due Feb. 15, 2024. The 3 recovery ratings are unchanged, indicating expectations of meaningful (50%-70%; rounded estimate: 65%) recovery.
S&P said the downgrade reflects an expectation that operating performance will remain weaker during the next 12 months because the company projected a mid-single-digit percentage drop in revenues for fiscal 2018 and a flat to down EBIT margin.
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