Spectrum Group Buyer Inc. ?s (dba Pixelle Specialty Solutions) amended its senior secured credit agreement to, among other things, extend the grace period for its April 30, 2025, interest payment on its first-lien term loan, after it did not make the April 30 payment. The amendment allows the company to defer the interest payment until June 12, 2025. S&P Global Ratings views the missed payment and extended grace period as tantamount to a default and lowered our issuer credit rating to ?SD? (selective default) from ?CCC?. We also lowered our issue-level rating on the first-lien term loan to ?D? from ?CCC?. Our ?CCC? issue-level rating on the revolving credit facility is unchanged. The downgrade also incorporates Pixelle?s agreement with its
