Fitch pares P&L Development

Fitch Ratings said it downgraded the issuer default ratings of P&L Development Holdings, LLC and P&L Development, LLC to CCC+ from B-. The agency also trimmed P&L Development, LLC's and PLD Finance Corp.'s secured notes ratings to CCC/RR5 from B/RR3.

“The rating actions reflect the strength and persistence of the operating headwinds the company is facing including inflation, supply-chain disruptions and some coronavirus headwinds, and end-demand volatility greater than pre-pandemic. PLD has not generated positive unadjusted cash flow from operations in the past four years and will need to execute on its new businesses and operational improvements to reverse this trend and have a sustainable capital structure,” Fitch said in a press release.

The outlook is stable.

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