Weekly Downgrade Wrap-Up (Two More Withdrawals)

As usual, we have a week’s worth of ratings actions on buyout-backed companies from Standard & Poor’s and Moody’s Investor Services. This week was slow with two little downgrades and two withdrawals.

Company: Yell Group PLC
Sponsor: Apax Partners
Downgrade: S&P lowered its long-term corporate credit ratings to ‘B’ from ‘B+’.
Highlights: “The downgrade reflects our concerns about the faster-than-expected deterioration of Yell’s operating performance and liquidity profile, which is no longer commensurate with a ‘B+’ rating,” said Standard & Poor’s credit analyst Manuela Gabetta.

Company: Talecris Biotherapeutics Inc.
Sponsor: Cerberus Capital Management and Ampersand Ventures
Upgrade: S&P raised the company’s corporate credit rating from ‘B+’ to ‘B’.
Highlights: “The action reflects Talecris’ improving operating performance and the removal of plasma supply constraints, due to the company’s successful efforts in developing its plasma collection platform and a supply agreement with CSL, that previously limited its production volumes,” said Standard & Poor’s credit analyst Arthur Wong.

Company: Broder Bros.
Sponsor: Bain Capital Inc.
Withdrawal: S&P withdrew its ‘SD’ corporate credit rating and ‘D’ issue rating on the company’s $225 million senior notes because it no longer files public financial statements.

Company: Jobson Medical Information LLC
Sponsor: Wicks Group
Withdrawal: Moody’s confirmed the company’s ratings and withdrew its ratings “for business reasons.”

Previously:
Weekly Downgrade Report 18
Weekly Downgrade Report 17
Weekly Downgrade Report 16
Weekly Downgrade Report 15
Weekly Downgrade Report 14
Weekly Downgrade Report 13
Weekly Downgrade Report 12
Weekly Downgrade Report 11
Weekly Downgrade Report 10
Weekly Downgrade Report 9
Weekly Downgrade Report 8
Weekly Downgrade Report 7
Weekly Downgrade Report 6
Weekly Downgrade Report 5
Weekly Downgrade Report 4
Weekly Downgrade Report 3
Weekly Downgrade Report 2
Weekly Downgrade Report 1