LaserShip Inc. Downgraded To 'CCC+' From 'B-' On Constrained Liquidity; Outlook Negative - S&P Global Ratings’ Credit Research

LaserShip Inc. Downgraded To 'CCC+' From 'B-' On Constrained Liquidity; Outlook Negative

LaserShip Inc. Downgraded To 'CCC+' From 'B-' On Constrained Liquidity; Outlook Negative - S&P Global Ratings’ Credit Research
LaserShip Inc. Downgraded To 'CCC+' From 'B-' On Constrained Liquidity; Outlook Negative
Published May 22, 2023
4 pages (2107 words) — Published May 22, 2023
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Abstract:

We believe LaserShip Inc. (doing business as OnTrac) will face more challenging macroeconomic conditions and higher interest rates in 2023. We expect these factors, along with continued capacity investment, will constrain the company's liquidity and delay the improvement of its credit metrics. Therefore, we lowered our issuer credit rating on OnTrac to 'CCC+' from 'B-'. We also lowered our issue-level ratings on the company's first-lien term loan to 'CCC+' from 'B-' and second-lien term loan to 'CCC-' from 'CCC'. The recovery ratings are unchanged at '3' (rounded estimate: 50%) and '6' (rounded estimate: 0%), respectively. The negative outlook reflects our expectation that liquidity could deteriorate further if availability under the company's revolving credit facility becomes restricted. NEW YORK (S&P Global

  
Brief Excerpt:

...May 22, 2023 - We believe LaserShip Inc. (doing business as OnTrac) will face more challenging macroeconomic conditions and higher interest rates in 2023. - We expect these factors, along with continued capacity investment, will constrain the company's liquidity and delay the improvement of its credit metrics. - Therefore, we lowered our issuer credit rating on OnTrac to '###+' from 'B-'. - We also lowered our issue-level ratings on the company's first-lien term loan to '###+' from 'B-' and second-lien term loan to '###-' from '###'. The recovery ratings are unchanged at '3' (rounded estimate: 50%) and '6' (rounded estimate: 0%), respectively. - The negative outlook reflects our expectation that liquidity could deteriorate further if availability under the company's revolving credit facility becomes restricted. NEW YORK (S&P Global Ratings) May 22, 2023--S&P Global Ratings today took the rating actions listed above. We expect OnTrac will face weaker macroeconomic conditions in 2023. We...

  
Report Type:

Ratings Action

Ticker
0008170D
Issuer
LaserShip, Inc.
Sector
Global Issuers
Country
United States
Region
United States
Format:
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Cite this Report

  
MLA:
S&P Global Ratings’ Credit Research. "LaserShip Inc. Downgraded To 'CCC+' From 'B-' On Constrained Liquidity; Outlook Negative" May 22, 2023. Alacra Store. May 18, 2025. <http://www.alacrastore.com/s-and-p-credit-research/LaserShip-Inc-Downgraded-To-CCC-From-B-On-Constrained-Liquidity-Outlook-Negative-2990340>
  
APA:
S&P Global Ratings’ Credit Research. (). LaserShip Inc. Downgraded To 'CCC+' From 'B-' On Constrained Liquidity; Outlook Negative May 22, 2023. New York, NY: Alacra Store. Retrieved May 18, 2025 from <http://www.alacrastore.com/s-and-p-credit-research/LaserShip-Inc-Downgraded-To-CCC-From-B-On-Constrained-Liquidity-Outlook-Negative-2990340>
  
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