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S&P cuts, rates Wabash loan BB-
S&P said it assigned a BB- rating with a 2 recovery rating to Wabash National Corp.’s planned $150 million first-lien term loan.
Concurrently, the agency downgraded Wabash’s rating to B+ from BB-, the rating on its $325 million of senior unsecured notes to B- from B and the senior secured debt to BB- from BB.
“We expect to withdraw the rating on the company's existing senior secured debt when the debt is repaid,” S&P said in a press release.
Wabash continues to deal with a major decline in trailer demand in North America, S&P said.
The outlook is stable.
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