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S&P cuts Tailwind Smith Cooper
S&P said it lowered its ratings on Tailwind Smith Cooper Holding Corp. and the company’s first-lien term loan to B- from B. The agency also downgraded the second-lien term loan to CCC from CCC+.
“The rating action reflects the probability that weak global macroeconomic conditions sparked by the coronavirus pandemic will make demand for Tailwind's products decline moderately over the near term and cause credit ratios to decline materially, including adjusted leverage sustained above 6.5x,” said S&P in a press release.
The outlook is negative.
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