DISTRESSED DAILY: TPx Faces Refinancing Risk After Weak Results

U.S. TelePacific Corp. has seen weak performance as it seeks to execute a business pivot, earning it a ratings cut from S&P Global Ratings.

The telecommunications provider, which does business as TPx Communications, was downgraded one notch to CCC+ last week. The ratings firm, which has a negative outlook on TPx’s debt, said it expects the Austin, Texas-based company’s liquidity to be under pressure for the next 12 to 18 months.

TPx, which is backed by Siris Capital, has faced a free cash flow deficit in 2021 and has a revolving credit line coming due in May 2022, ...