On May 10, 2023, manufacturer of components and control systems Range Parent Inc. received consent from most of its lenders to exchange its $510 million first-lien term loan and $110 million second-lien term loan for new junior-priority term loans. In our view, the debt exchange is distressed and tantamount to default because the new debt has less favorable terms than those originally promised to holders of both the first- and second-lien debt. Therefore, we lowered our issuer credit rating on Range Parent to 'SD' (selective default) from 'CCC.' We also lowered our ratings on the company's first-lien term loan to 'D' from 'CCC' and second-lien term loan to 'D' from 'CC'. Although the proposed exchange will be completed at par
