S&P cuts Cardinal Holdings 3

S&P said it dropped to B- from B the long-term issuer credit ratings on Cardinal Holdings 3, LP and its finance subsidiary Cardinal US Holdings Inc. and the issue ratings on the senior secured facilities. The recovery rating on these facilities remains unchanged at 3.

“The downgrades reflect Cardinal Holdings’ weaker trading performance year-to-date compared to our prior base-case forecasts and our downward revision of our expectations for 2020, which lead us to forecast materially weaker credit metrics for the group on an ongoing basis,” said S&P in a press release.

The outlook is stable.

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