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S&P downgrades UTEX
Standard & Poor’s said it lowered the corporate credit rating on UTEX Industries Inc. to CCC+ from B-.
The agency also said it lowered the rating on the company’s first-lien debt to CCC+ from B- and on the second-lien debt to CCC- from CCC.
The recovery rating remains at 3 on the first-lien debt, indicating 50% to 70% expected default recovery, and 6 on the second-lien debt, indicating 0 to 10% expected default recovery.
The outlook is stable.
The downgrades reflect an expectation for weakening demand for oilfield services as the exploration and production industry continues capital spending cuts in 2016, S&P said.
Declining demand for the company’s products significantly hurt revenues in 2015, the agency said, and will continue to affect them in 2016.
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