Research Update: Blue Ribbon Intermediate Holdings LLC Downgraded To 'CCC' On Refinancing Risks; Outlook Negative - S&P Global Ratings’ Credit Research

Research Update: Blue Ribbon Intermediate Holdings LLC Downgraded To 'CCC' On Refinancing Risks; Outlook Negative

Research Update: Blue Ribbon Intermediate Holdings LLC Downgraded To 'CCC' On Refinancing Risks; Outlook Negative - S&P Global Ratings’ Credit Research
Research Update: Blue Ribbon Intermediate Holdings LLC Downgraded To 'CCC' On Refinancing Risks; Outlook Negative
Published Mar 18, 2020
7 pages (3225 words) — Published Mar 18, 2020
Price US$ 225.00  |  Buy this Report Now

About This Report

  
Abstract:

U.S. beer marketer Blue Ribbon Intermediate Holdings LLC's (Blue Ribbon) recently extended the maturity date of its $36 million revolving credit facility (revolver) by about 4 months to September 2020. Still, we believe the company faces headwinds to refinance its capital structure (consisting of its revolver and a $495 million first lien term loan maturing in November 2021) over the next year unless it receives external financing or significantly improves EBITDA and cash flow. In addition, we believe there is significant risk the company could breach its covenants over the next few quarters if operating performance weakens which could further hamper its refinancing prospects, particularly if lenders are not amenable to an amendment or if its owners are not willing

  
Brief Excerpt:

...- U.S. beer marketer Blue Ribbon Intermediate Holdings LLC's (Blue Ribbon) recently extended the maturity date of its $36 million revolving credit facility (revolver) by about 4 months to September 2020. - Still, we believe the company faces headwinds to refinance its capital structure (consisting of its revolver and a $495 million first lien term loan maturing in November 2021) over the next year unless it receives external financing or significantly improves EBITDA and cash flow. - In addition, we believe there is significant risk the company could breach its covenants over the next few quarters if operating performance weakens which could further hamper its refinancing prospects, particularly if lenders are not amenable to an amendment or if its owners are not willing or able to provide an equity cure. - We are lowering our issuer credit rating on Blue Ribbon and our issue-level rating on its first-lien credit facilities to '###' from 'B-' with an unchanged recovery rating of '3' (60%...

  
Report Type:

Research Update

Issuer
GICS
Brewers (30201010)
Sector
Global Issuers
Country
Region
Format:
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Cite this Report

  
MLA:
S&P Global Ratings’ Credit Research. "Research Update: Blue Ribbon Intermediate Holdings LLC Downgraded To 'CCC' On Refinancing Risks; Outlook Negative" Mar 18, 2020. Alacra Store. May 02, 2025. <http://www.alacrastore.com/s-and-p-credit-research/Research-Update-Blue-Ribbon-Intermediate-Holdings-LLC-Downgraded-To-CCC-On-Refinancing-Risks-Outlook-Negative-2398893>
  
APA:
S&P Global Ratings’ Credit Research. (). Research Update: Blue Ribbon Intermediate Holdings LLC Downgraded To 'CCC' On Refinancing Risks; Outlook Negative Mar 18, 2020. New York, NY: Alacra Store. Retrieved May 02, 2025 from <http://www.alacrastore.com/s-and-p-credit-research/Research-Update-Blue-Ribbon-Intermediate-Holdings-LLC-Downgraded-To-CCC-On-Refinancing-Risks-Outlook-Negative-2398893>
  
US$ 225.00
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