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S&P pares TJC Spartech Acquisition
S&P said it lowered its ratings on TJC Spartech Acquisition Corp. and its first-lien term loan to B- from B. The recovery rating remains 3.
Slowing demand for TJC Spartech’s products hurt its revenue over the past six months, the agency noted.
“As a result, S&P Global Ratings' adjusted debt to EBITDA reached high-8x for the rolling 12 months ended March 31, 2023. We forecast a modest rebound later in 2023 but for S&P Global Ratings' adjusted debt to EBITDA to remain elevated at mid-to-high-7x,” S&P said in a press release.
The outlook is stable.
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