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S&P cuts UTEX, loans to D
S&P said it lowered its issuer credit rating on UTEX Industries Inc. to D from CCC due to the company's missed interest payments on its first-lien and second-lien term loans and its decision to not repay its revolving credit facility (not rated).
S&P cut its issue-level rating on the company's first-lien term loan to D from CCC and lowered the issue-level rating on the company's second-lien term loan to D from CC.
UTEX has entered into a forbearance agreement with certain first-lien debt holders.
“We do not expect UTEX to make its interest payments during the grace period,” S&P said in a news release.
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