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BakerCorp International Ratings Lowered

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On February 27, 2018, S&P Global Ratings lowered its corporate credit rating on BakerCorp International, Inc. to CCC+ from B-, its senior secured debt (including its $40 million revolver and $425 million term loan) rating to CCC+ from B- and its senior unsecured debt rating to CCC- from CCC. According to S&P Global, the downgrade reflects risks associated with the Company’s ability to repay or refinance its senior unsecured notes prior to March 2, 2019. S&P does not expect BakerCorp to have sufficient sources of liquidity to repay its unsecured notes by March 2019 and S&P is not aware of agreements to refinance the notes at this time. As a result, S&P believes this increases the risk that the Company could be vulnerable to nonpayment on its financial obligations. Failure to repay or refinance would cause the maturity of its senior secured term loan to accelerate to March 2, 2019, from February 7, 2020. The maturity of an undrawn revolving credit facility would also accelerate. Read more on distressed companies.

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