Confie has not yet addressed its first-lien maturity due in November 2018, and its covenant cushion remains very tight. We are lowering our ratings to reflect our view of the company's weak liquidity. The CreditWatch Developing reflects the possibility of a positive or negative rating action over the next six months, depending on the company's refinancing initiatives. On May 28, 2018, S&P Global Ratings lowered its long-term issuer credit rating on Confie Seguros Holdings II Co. (Confie) to 'CCC+' from 'B-' and placed them on CreditWatch with developing implications. At the same time, we lowered our debt rating on the company's first-lien facility to 'B-' from 'B' and on the second-lien facility to 'CCC-' from 'CCC', reflecting the issuer downgrade.