Avison Young (Canada) Inc. Downgraded To 'SD' Following Missed Term Loan Payments; Term Loan Rating Lowered To 'D'

Avison Young (Canada) Inc. failed to make required quarterly principal and interest payments on its senior secured term loan. We view these missed payments as a default under our criteria, given that the lenders did not receive the value they were initially promised in a timely manner. Therefore, we lowered our issuer credit rating on Avison Young to 'SD' (selective default) from 'CCC'. At the same time, we lowered our issue-level rating on the senior secured term loan to 'D' from 'CCC-'. TORONTO (S&P Global Ratings) Feb. 23, 2024—S&P Global Ratings today took the rating actions listed above. The downgrade follows our recent receipt of information regarding Avison Young's nonpayment of the required quarterly principal and interest payments on its

...February 23, 2024 - Avison Young (Canada) Inc. failed to make required quarterly principal and interest payments on its senior secured term loan. - We view these missed payments as a default under our criteria, given that the lenders did not receive the value they were initially promised in a timely manner. - Therefore, we lowered our issuer credit rating on Avison Young to '##' (selective default) from '###'. At the same time, we lowered our issue-level rating on the senior secured term loan to 'D' from '###-'. TORONTO (S&P Global Ratings) Feb. 23, 2024--S&P Global Ratings today took the rating actions listed above. The downgrade follows our recent receipt of information regarding Avison Young's nonpayment of the required quarterly principal and interest payments on its senior secured term loan. The company failed to make third- and fourth-quarter 2023 principal and interest payments on its senior secured term loan. The company remains current on its debt service obligations under its...

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