S&P lifts UFS view to positive

S&P said it affirmed the B- issuer credit rating on UFS Holdings Inc. and revised the outlook to positive from negative.

The agency also said affirmed the B rating with 2 recovery rating on the company's revolver and first-lien term loan and the CCC rating with recovery rating of 6 on the company's second-lien term loan.

S&P said it expects modest improvement in UFS's operating performance relative to 2018.

This improvement, along with an amendment to covenants under the credit agreement, will create more cushion for unexpected earning setbacks, the agency said.

The positive outlook reflects the possibility that better operating performance in 2019 will strengthen credit measures, S&P said.

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