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S&P cuts TKC Holdings
S&P said it lowered its corporate credit rating on TKC Holdings Inc. to B- from B. The outlook is stable.
At the same time, S&P lowered the issue-level rating on the company's senior secured debt to B- from B. The 3 recovery rating is unchanged, indicating an expectation for meaningful recovery (50%-70%; rounded estimate: 55%) in the event of a default.
Additionally, S&P lowered its issue-level rating on the company's second-lien debt to CCC from CCC+. The 6 recovery rating is unchanged, indicating an expectation for minimal recovery (0%-10%; rounded estimate: 0%) in the event of a default.
“The downgrade reflects an increase in already elevated leverage following the divestiture of ICS, TKC's inmate communications service segment, and the associated decline in EBITDA,” S&P said in a news release.
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