S&P clips Eagle Super Global rating

S&P said it lowered the ratings on Eagle Super Global Holding BV and its senior secured debt to CCC+ from B-. The recovery rating on the debt is unchanged at 4.

The agency cut the rating on the company’s parent Shandong Ruyi Technology Group Co. Ltd. to CCC+ with a negative outlook, reflecting the view of heightened risks to credit quality.

“The downgrade of Eagle Super Global Holding B.V. (doing business as The Lycra Company) reflects our view of the company's credit quality based on the deterioration of parent, Ruyi's, liquidity. The outlook is negative on our issuer credit rating on The Lycra Company to reflect the possibility that Ruyi could impair The Lycra Company's credit quality further as it addresses its own weakened liquidity,” said S&P in a press release.

The outlook is negative.

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