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S&P cuts Central Security Group
S&P said it downgraded the ratings for Central Security Group Inc. and its first-lien term loan to CCC- from B- and cut the rating on its second-lien term loan to C from CCC.
“The risk of a distressed exchange has increased as the company has yet to make meaningful progress to improve its liquidity position. The downgrade and negative outlook reflects the increased risk of a payment default on Oct. 6, 2020 when the outstanding balance (about $26.9 million as of Sept. 30, 2019) is due,” said S&P in a press release.
The company has been engaged in conversations with its lenders over the past five months but has made modest progress. Moreover, the $346 million (outstanding) first-lien term loan due October 2021 has seen a sharp decline in trading prices which could prevent more comprehensive refinancing, the agency said.
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