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S&P slices TriMark
S&P said it downgraded its issuer rating for TMK Hawk Parent Corp. (TriMark) to CC from CCC, tranche A term loan rating to CCC from B-, the tranche B term loan rating to CC from CCC and the second-lien term loan rating to C from CC.
On Tuesday, TriMark announced it and a group of lenders agreed to a restructuring to reduce the company’s leverage.
The downgrade reflects the planned restructuring. “The company will announce the final terms of the transaction at completion, and we expect to consider the restructuring to be a default or selective default across one or more of its debt issues,” S&P said in a press release.
The outlook is negative.
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