PE Debt Watch (Upgrades and Downgrades)
As usual, we have a week’s worth of ratings actions on the debt of LBO-backed companies from ratings agencies Standard & Poor’s Ratings Services and Moody’s Investors Service. This week is apparently Warburg Pincus week, as the firm’s portfolio companies make up two of the week’s three ratings changes. Warburg Pincus portfolio company Antero Resources was downgraded on its decision to take on $100 million in new debt to pay down another facility. Meanwhile the firm’s energy company, Bill Barrett Corp., was upgraded after the company increased its commitment under the company's unrated revolving credit facility. And CI Capital’s Ply Gem received another upgrade (last week was from Moody’s) on its new issuance. The company is receiving “unsolicited” ratings from S&P, which indicates CI isn’t being generous with information on the company for the ratings agencies to do their jobs with. Call this a victory for the watchdogs? I guess?
