BDC Credit Update: April 16-17, 2020
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Here are five new credit updates published by the BDC Credit Reporter in just the last two days which involve public BDCs.
Four different public BDCs are involved and the aggregate amount of exposure is over $60mn at cost.
Unfortunately, the news in every case is negative and is likely to get worse in the future.
We’re also seeing companies that were previously rated as performing joining the BDC Credit Reporters growing list of underperformers.
Moreover in a couple of cases, we’ve identified “leapfrog” companies whose BDC Credit Reporter’s ratings are jumping two levels as their financial conditions deteriorates more quickly than usual.
We expect many more to the Underperformers list – which already includes several hundred companies – and a faster pace of downgrades.
CPM Holdings: Downgraded By S&P
Portillo Holdings: Downgraded
North American Lifting Holdings: Defaults On Debt. Downgraded.
Lignetics Inc : Initiated at CCR 3 rating
Covia : Downgrade To CCR 4 From CCR 3
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