Aventiv Technologies Issuer Credit Rating Cut to CCC- by S&P

Aventiv Technologies had its issuer credit rating lowered by S&P to CCC- from CCC+.

• Outlook is negative
• S&P also lowered the issue-level rating on the company’s first-lien debt to CCC- from CCC+ and the issue-level rating on the company’s second-lien debt to C from CCC
• Aventiv “faces tight liquidity and heightened refinancing risk as its revolving credit facility matures in August 2024 and its first-lien term loan matures in November 2024,” S&P said
• “The negative outlook reflects our expectation that Aventiv is vulnerable to a payment default or distressed exchange in the coming months”
• NOTE: Aventiv Tells Lenders Refinancing Plan ...