S&P: NCSG Crane & Heavy Haul Corp. Rating Lowered To 'SD' Following Missed Interest Payments; Debt Rating Lowered To 'D'

S&P Global Ratings today said it lowered its long-term corporate credit rating on Edmonton, Alta.-based NCSG Crane & Heavy Haul Corp. to 'SD' from 'CCC+'.

At the same time, S&P Global Ratings lowered its issue-level rating on NCSG's second-lien secured debt to 'D' from 'CCC'. The '5' recovery rating on the debt is unchanged and indicates our expectation that the secured second-lien lenders could expect a modest (10%-30%; rounded estimate 15%) recovery in a default scenario.

The downgrade reflects the fact that the company missed the interest payment due Feb. 15, 2018, on its second-lien secure notes due August 2019. The missed payment constitute a default under our criteria. The 'SD' rating reflect NCSG continuing to pay the interest expenses on its other existing debt securities.

NCSG announced March 29, 2018, that it has entered an agreement with its principal lenders that will result in US$20 million capital injection, the second-lien secured note due 2019 amount being reduced by more than US$200 million, and existing bond lenders becoming majority shareholders. The company has not announced when it expects to conclude the restructuring process.

We expect to review the ratings following the restructuring process' completion. Our analysis will incorporate the company's new pro forma capital structure and liquidity position, and our updated forecast for NCSG's operating and financial expectations.

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