S&P downgrades Recess

S&P said it cut its ratings on Recess Holdings Inc. (Playcore) and its first-lien term loan and revolver to B- from B. The agency also lowered the second-lien term loan to CCC from CCC+.

The recovery rating on the first-lien debt remains 3 and 6 on the second-lien debt.

“The downgrade reflects high leverage and anticipated revenue declines through 2021 as a result of anticipated decreased demand for play systems,” S&P said in a press release.

The outlook is negative.

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