LaserShip Inc. Downgraded To 'CCC-' From 'CCC+' On Weak Liquidity And Elevated Default Risk, Outlook Negative - S&P Global Ratings’ Credit Research

LaserShip Inc. Downgraded To 'CCC-' From 'CCC+' On Weak Liquidity And Elevated Default Risk, Outlook Negative

LaserShip Inc. Downgraded To 'CCC-' From 'CCC+' On Weak Liquidity And Elevated Default Risk, Outlook Negative - S&P Global Ratings’ Credit Research
LaserShip Inc. Downgraded To 'CCC-' From 'CCC+' On Weak Liquidity And Elevated Default Risk, Outlook Negative
Published Oct 31, 2024
4 pages (1806 words) — Published Oct 31, 2024
Price US$ 150.00  |  Buy this Report Now

About This Report

  
Abstract:

Parcel delivery provider LaserShip Inc.'s (d/b/a OnTrac) liquidity is weakening because of ongoing cash flow deficits amid expectations for softening peak-season demand. Absent the receipt of additional capital, we project the company could exhaust its liquidity by the first quarter of fiscal year 2025, which we believe heightens the risk of a payment default or distressed exchange over the next six months. Therefore, we lowered our issuer credit rating on OnTrac to 'CCC-' from 'CCC+', our issue-level rating on its first-lien debt to 'CCC-' from 'CCC+', and our issue-level rating on its second-lien debt to 'C' from 'CCC-'. The negative outlook indicates that we could lower our rating on the company if it pursues a distressed debt transaction that we

  
Brief Excerpt:

...October 31, 2024 - Parcel delivery provider LaserShip Inc.'s (d/b/a OnTrac) liquidity is weakening because of ongoing cash flow deficits amid expectations for softening peak-season demand. - Absent the receipt of additional capital, we project the company could exhaust its liquidity by the first quarter of fiscal year 2025, which we believe heightens the risk of a payment default or distressed exchange over the next six months. - Therefore, we lowered our issuer credit rating on OnTrac to '###-' from '###+', our issue-level rating on its first-lien debt to '###-' from '###+', and our issue-level rating on its second-lien debt to 'C' from '###-'. - The negative outlook indicates that we could lower our rating on the company if it pursues a distressed debt transaction that we deem to be tantamount to a default. We could also lower our rating on OnTrac if we expect it will default on its debt obligations in the next six months. TORONTO (S&P Global Ratings) Oct. 31, 2024--S&P Global Ratings...

  
Report Type:

Ratings Action

Ticker
0008170D
Issuer
LaserShip, Inc.
Sector
Global Issuers
Country
United States
Region
United States
Format:
PDF Adobe Acrobat
Buy Now

More from S&P Global Ratings’ Credit Research

S&P Global Ratings’ Credit Research—S&P Global Ratings’ credit research provides analysis on issuers and debt obligations of corporations, states and municipalities, financial institutions, insurance companies and sovereign governments. S&P Global Ratings also offers insight into the credit risk of structured finance deals, providing an independent view of credit risk associated with a growing array of debt-securitized instruments.

About the Author


Cite this Report

  
MLA:
S&P Global Ratings’ Credit Research. "LaserShip Inc. Downgraded To 'CCC-' From 'CCC+' On Weak Liquidity And Elevated Default Risk, Outlook Negative" Oct 31, 2024. Alacra Store. May 18, 2025. <http://www.alacrastore.com/s-and-p-credit-research/LaserShip-Inc-Downgraded-To-CCC-From-CCC-On-Weak-Liquidity-And-Elevated-Default-Risk-Outlook-Negative-3277959>
  
APA:
S&P Global Ratings’ Credit Research. (). LaserShip Inc. Downgraded To 'CCC-' From 'CCC+' On Weak Liquidity And Elevated Default Risk, Outlook Negative Oct 31, 2024. 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-CCC-On-Weak-Liquidity-And-Elevated-Default-Risk-Outlook-Negative-3277959>
  
US$ 150.00
$  £  €
Have a Question?

Any questions about the report you're considering? Our Customer Service Team can help! Or visit our FAQs.

More Research

Search all our Credit Research from one place.