S&P Downgrades Congruex to CCC on Default Risk in Next 12 Months

S&P Global Ratings downgraded Congruex Group Monday, citing the possibility of a distressed debt exchange or a liquidity crisis in the next year.

• The ratings firm lowered its rating on the closely held company, owned by Crestview Partners, to CCC from B- with a negative outlook
• “The company is unlikely to meet its financial commitments absent equity contribution from its financial sponsor, Crestview. We believe the company could default within the next 12 months either from a liquidity crisis such that it misses an interest payment or engages in a distressed exchange,” the ratings firm said in a statement ...