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S&P lowers Triple Point view to stable
S&P said it revised the outlook to stable from negative on Triple Point Group Holdings Inc. and affirmed the CCC+ corporate credit rating.
The agency also said it affirmed the CCC+ rating on the company's first-lien senior secured credit facilities. The 3 recovery rating is unchanged and indicates 50% to 70% expected default recovery.
S&P also said it affirmed the CCC- rating on the company's second-lien term loan.
The 6 recovery rating is unchanged and indicates 0 to 10% expected default recovery.
The outlook revision reflects the company's moderating revenue declines and an expectation for flat revenue growth over the next 12 months, primarily driven by high single-digit growth in the professional services segment and flat- to positive- free operating cash flow, the agency said.
Nevertheless, S&P said it expects leverage will remain high in the 12x range, S&P said.
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