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S&P downgrades LTR Holdco, notes to D
S&P said it lowered its corporate credit rating on LTR Holdco Inc. to D from CCC+.
At the same time, the agency downgraded its issue-level rating on the company's senior secured notes to D from CCC+. The recovery rating remains 4, indicating an expectation of average (30% to 50%, lower half of the range) recovery in the event of a payment default.
"The downgrade reflects LTR Holdco's decision to skip its interest payment on its 8 1/8% senior secured notes due 2019 and our view that it will not make this payment within the 30-day grace period," S&P credit analyst Carin Dehne-Kiley said in a news release.
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