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S&P lifts Triple Point
S&P said it raised its corporate credit rating on Triple Point Group Holdings Inc. to CCC from SD.
The outlook is negative.
At the same time, the agency raised the issue-level rating on the company's second-lien term loan due 2021 to CC from D.
S&P said the actions follow Triple Point's debt reduction via a distressed exchange transaction, whereby the company's parent, Helios Software Holdings Inc., purchased $10 million of its then-outstanding $125 million second-lien term loan due 2021 at a value below par.
“Our CCC rating reflects Triple Point's weak liquidity caused by declining revenue from customer attrition in its maintenance segment without enough subscription revenue growth to offset it, as well as a depressed EBITDA margin,” the agency said in a news release.
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