S&P trims Tunnel Hill

S&P said it downgraded Tunnel Hill Partners LP and its first-lien debt to B- from B.

The agency said it forecasts demand for Tunnel Hill’s disposal services to contract because of macroeconomic headwinds related to the pandemic.

“S&P Global Ratings now believes adjusted leverage could increase significantly, potentially to the 9x area on a stand-alone S&P Global Ratings-adjusted basis in 2020. At the same time, we believe the financial consolidation with Granite Acquisition Inc. (B+/developing/--) remains on track, and we expect it to happen in late 2020 or early 2021,” S&P said in a press release.

The outlook is developing.

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