LaserShip Rating Cut by S&P to CCC-, Outlook Negative

LaserShip, doing business as OnTrac, had its issuer credit rating cut to CCC- from CCC+ by S&P, which cited weakening liquidity.

• “Absent the receipt of additional capital, we project the company could exhaust its liquidity by the first quarter of fiscal year 2025, which we believe heightens the risk of a payment default or distressed exchange over the next six months,” S&P said
• “Despite expanding rapidly and entering new geographies to become a national player, the company has lately faced challenges in filling its expanded capacities and retaining its volumes”
• The outlook is negative

To view the source of this ...