S&P trims Ring Container

S&P said it downgraded the issuer credit rating on Ring Container Technologies Group LLC to B- from B.

At the same time, S&P lowered the issue-level rating on the company's senior secured revolving credit facility and first-lien term loan to B- from B. The 3 recovery rating on the facilities remains unchanged.

The outlook is negative.

“We believe the foodservice industry is facing very challenging conditions due to the coronavirus pandemic and the government's emphasis on social distancing, which will negatively affect Ring Container Technologies Group LLC and materially increase its debt leverage to more than 6.5x in the next few quarters due to the company's significant exposure to foodservice (primarily for its edible-oil packaging),” S&P said in a news release.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.