While UNC Southeastern reported an operating loss of $74.8 million in fiscal 2022; such losses have continued into fiscal 2023 with a $15 million loss as of March 31, S&P Global said.
“The speculative-grade rating also incorporates recent and substantial weakening of the balance sheet, particularly DCOH,” the agency noted. UNC Southeastern saw its days of cash on hand more than halved to total 35.7 as of March 31 compared with 75.6 for fiscal 2022.
UNC Southeastern had been placed on CreditWatch with negative implications Feb. 23 when it had a “BBB+” rating. The CreditWatch was removed with the current downgrade.
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