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S&P downgrades Aretec Group on coronavirus impact

S&P Global Ratings on April 3 lowered its issuer credit rating on Aretec Group Inc. to B- from B with a stable outlook.

At the same time, the rating agency downgraded the rating on the company's first-lien debt to B- from B, while the rating on the second-lien debt was lowered to CCC from CCC+. It also removed the company's ratings from CreditWatch where these were placed with negative implications on March 18.

In its ratings action, S&P Global Ratings took into account the market impact of the coronavirus pandemic on Aretec Group's earnings, debt-service capacity and leverage.

The stable outlook reflects the rating agency's view that Aretec Group's earnings and debt-service capacity will be under pressure over the next 12 months. S&P Global Ratings, however, expects the company to remain in a "sufficient liquidity position and maintain a comfortable cushion relative to the springing leverage covenant on its revolving credit facility."

READ MORE: Sign up for our weekly coronavirus newsletter here, and read our latest coverage on the crisis here.

This S&P Global Market Intelligence news article may contain information about credit ratings issued by S&P Global Ratings. Descriptions in this news article were not prepared by S&P Global Ratings.