Moody’s downgrades Senegal to Caa1 amid rising debt concerns
Investing.com -- S&P Global Ratings has downgraded U.K.-based titanium dioxide and pigments producer Venator Materials PLC to ’D’ from ’CCC’ following the company’s appointment of administrators on September 2.
The rating agency also lowered its long-term issue rating on Venator’s $200 million first-out term loan due 2026 to ’D’ from ’B-’, and its issue-level rating on the $175 million initial term loan due 2028 to ’D’ from ’CCC-’.
S&P subsequently withdrew all ratings on Venator, citing insufficient information to maintain ongoing surveillance in accordance with its standards.
According to the announcement, the appointed administrators, together with Venator’s leadership team, will work to progress the sale of the company’s U.K. businesses operating from Greatham, Wynyard, and Birtley.
Other entities across the Venator group remain under the governance of their respective boards, and additional sale processes may be underway.
S&P Global Ratings stated that while Venator’s debt facilities remain in place, the company is potentially in breach of affirmative and negative covenants. The rating agency assumes that as part of the administration process, all payments have stopped and the company will not pay cash interest in October on its $175 million initial term loan.
The rating withdrawal was announced Monday by S&P Global Ratings, which noted that Venator is no longer under its surveillance.
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