On May 1, 2018, S&P Global Ratings lowered its corporate credit rating on FULLBEAUTY Brands Holdings Corp. to CCC- from CCC+, its $820 million first-lien term loan rating to CCC- from CCC+ and its $345 million second-lien term loan rating to C from CCC. According to S&P Global, the downgrade reflects that the Company could pursue a financial restructuring, including at least a portion of its debt obligations, at less than par within the next few quarters given significantly discounted trading prices on the Company’s term loans. S&P further states that the Company’s capital structure is unsustainable as competition in the plus-size segment intensifies and continues to pressure sales and margins, resulting in deteriorating credit metrics. Read more on distressed companies.
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