S&P trims UTEX

S&P said it lowered its ratings on UTEX Industries Inc. and the company’s first-lien term loan to CCC from CCC+.

The agency also cut the rating on the second-lien term loan to CC from CCC-.

The recovery ratings remain unchanged.

“The downgrade reflects the company’s weakening liquidity, the refinancing risk related to the upcoming maturity of its revolving credit facility in May 2020, as well as its deteriorating credit measures,” said S&P in a press release.

The outlook is negative.

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