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S&P lowers Capstone view to stable
S&P said it revised the outlook on Capstone Logistics Acquisition Inc. to stable from positive and affirmed the B- rating on the company.
The agency also said it affirmed the B- rating on the company's first-lien term loan.
The 3 recovery rating is unchanged, indicating 50% to 70% expected default recovery.
S&P also said it affirmed all of the other issue-level ratings.
The outlook revision reflects the proposed incremental debt issuance related to the company's acquisitions of LoadDelivered Logistics and Logistical Labs LLC.
On a pro forma basis, S&P said it expects the company's credit metrics to decline somewhat from the prior forecast.
The agency said it anticipates that the company's debt-to-EBITDA will remain in the low-7x range, while its funds from operations-to-debt ratio declines slightly to the mid-single digit percent range for 2018.
S&P said it expect the company's metrics to remain at these levels through 2019.
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