...September 10, 2024 - LaserShip Inc.'s (d/b/a OnTrac) liquidity has weakened considerably following its recent subdued financial performance. In addition, we have revised our forecast to reflect a more-protracted improvement in its profitability. - Therefore, we revised our outlook on the company to negative from stable and affirmed our '###+' issuer credit rating. - At the same time, we affirmed our '###+' issue-level rating on OnTrac's senior secured first-lien debt and our '###-' issue-level rating on its senior secured second-lien debt. - The negative outlook reflects our belief that the company's continued free cash flow deficits will render it vulnerable to a liquidity shortfall, which could lead to a payment default or cause management to consider undertaking a distressed restructuring in the near term. TORONTO (S&P Global Ratings) Sept. 10, 2024--S&P Global Ratings today took the above rating actions. OnTrac's greater-than-expected free cash flow deficits will lead it to rely more...
