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Winebow Group Ratings Lowered

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On May 25, 2018, S&P Global Ratings lowered its corporate credit rating on The Winebow Group, LLC to CCC+ from B-, its $230 million first lien term loan rating to CCC+ from B-, and its $130 million second lien term loan rating to CCC- from CCC. According to S&P Global, the downgrade reflects continued operational underperformance and he expectation that leverage will remain around 10x over the next year and the Company will not be able to meaningfully improve its cash flow generation, which could hinder its ability to refinance its revolving credit facility before July 1, 2019, when it becomes current. S&P further states that the Company will not be able to improve its operations and strengthen cash flow generation, which could constrain its ability to refinance its revolving credit facility (which matures on July 1, 2020 and becomes current on July 1, 2019) and could lead to erosion of liquidity. Read more on distressed companies.

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