S&P cuts Everi Payments loan, secured notes to B+

S&P said it downgraded the ratings on Everi Payments Inc.’s first-lien loans and secured notes to B+ from BB- and revised the recovery rating to 2 from 1. The lower recovery rating reflects the reduced opportunities for secured lenders to recovery their money in case of a default, S&P said.

The downgrade follows the company’s new $125 million term loan to improve its liquidity.

S&P affirmed the company’s B+ rating and removed all ratings from CreditWatch with negative implications. The agency put them on watch on March 20.

The outlook remains negative.

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