On November 15, 2016, S&P Global Ratings lowered its corporate credit rating on Bumble Bee Holdings, Inc. to B- from B, its $605 million senior secured notes due December 2017 to B- from B and its $150 million senior paid-in-kind toggle notes due March 2018 to CCC from CCC+. “The ratings reflect our view of heightened refinancing risk given Bumble Bee’s upcoming 2017 maturity, which remains unaddressed, and the uncertainty with regard to a Department of Justice settlement,” said S&P Global Ratings credit analyst Amanda O’Neill. According to S&P Global, the CreditWatch with negative implications reflects that S&P could lower the ratings in the near term if the Company does not address or resolve its upcoming asset-backed lending revolving credit facility maturity by early 2017. Read more on distressed companies.
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