On Dec. 17 2024, CommScope Holding Co. filed an 8-K stating it reached agreement with its lenders on a debt refinancing and paydown transaction. We don't view it as a distressed transactions because spreads on the new debt are not at distressed levels and we view it as an at-market transaction despite only existing lenders participating because spreads on the new debt are in line with its existing debt. Due to the debt refinancing and paydown, we have placed all our ratings on CommScope on CreditWatch with positive implications. We will resolve the CreditWatch placement after we collect the necessary information about the security and obligors to complete our recovery analysis, likely by upgrading the issuer credit rating by one
