Confie Seguros Holding II Co. has not yet addressed its upcoming first-lien credit facility maturing in November 2018, and its covenant cushion remains very tight. We are lowering our issuer credit and senior secured ratings on the company to 'CCC' from 'CCC+', and lowering our debt ratings on the company's credit facilities, to reflect our view of the increased refinancing risk. The CreditWatch Developing listing reflects the possibility we could take either a positive or negative rating action in the next six months depending on the progress of the company's refinancing initiatives. On Aug. 15, 2018, S&P Global Ratings lowered its issuer credit rating on Confie Seguros Holding II Co. to 'CCC' from 'CCC+'; the ratings remain on CreditWatch with
