Weekly Downgrade Wrap-Up

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. It's Carlyle Week, as the mega-firm is the sponsor of three out of the five ratings actions we found. The firm’s energy services company, Stallion Oilfield, defaulted on a tiny $12.9 million interest payment. Another Carlyle energy services company, Titan Specialties, was downgraded because of its “vulnerable” business model and substantial leverage. Meanwhile, the firm’s waste management company, Wastequip, was downgraded for “PIK-ing its toggle” (why does that phrase sound so dirty?).

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