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S&P cuts UCI to CCC+, loans to B-, notes to CCC-
Standard & Poor's said it lowered its corporate credit rating on UCI Holdings Ltd. to CCC+ from B- and revised the outlook to negative from stable.
At the same time, the agency lowered its issue-level rating on UCI's senior secured facility (revolver and term loan) to B- from B. The recovery rating remains 2, which indicates substantial (70%-90%; lower half of the range) recovery of principal in the event of a default.
S&P also lowered its issue-level rating on UCI's senior unsecured notes to CCC- from CCC. The recovery rating remains 6, which indicates negligible (0%-10%) recovery of principal in the event of a default.
"The downgrade reflects secular industry pressures facing the company as well as its need to refinance its revolving credit facility," S&P credit analyst Lawrence Orlowski said in a news release.
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