S&P revises Mercury Parent view to negative

S&P said it revised the outlook on Mercury Parent, LLC and its subsidiary, CCHN Group Holdings Inc., to negative from stable and affirmed the B issuer credit rating on both companies.

S&P also affirmed the B issue-level rating on the company's senior secured credit facilities.

“We believe the company has adequate liquidity, with access to $31 million cash on hand and a $20 million revolving credit facility as of March 31, 2019, which far exceeds annual debt amortization and working capital requirements,” S&P said in a news release

“The negative outlook reflects the risk that annual free cash flow could stay below $10 million on a sustained basis. We could lower the rating to B- if free cash flow were sustained below $10 million.”

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