On December 7, 2020, S&P Global Ratings lowered its issuer credit rating on Eresearch Technology Inc. to B- from B and its first-lien senior secured credit facilities, which comprise a revolver and a term loan, ratings to B- from B. The downgrade reflects the Company’s underperformance relative to previous base-case scenario and its high leverage, which exceeded the ratings agency’s downside trigger. S&P Global expects minimal free cash flow generation and elevated leverage for the next 12 months. The rating also reflects risk to the Company's leadership positions in its niche markets.

Read more Bankruptcy News