OREANDA-NEWS. S&P Global Ratings said today it lowered its corporate credit rating on Wexford, Pa.-based PTC Group Holdings Corp. to 'D' from 'CCC'. We also lowered our issue-level ratings on the company's $70 million and $50 million senior secured term loans to 'D' from 'CCC+'.

The rating action follows the company's disclosure that it missed interest and amortization payments on its term loans. This occurred in the first half of the year, while PTC worked to restructure its debt obligations. Since the two term loans constituted the majority of PTC's capital structure, we view the missed interest payments and subsequent restructuring as a general default. As such, we are lowering our ratings on the company to 'D'. Although the interest payments were ultimately made, this occurred after the allowable grace period and as part of a restructuring that included waivers for missed and upcoming amortization payments. We are therefore also lowering our ratings on PTC's senior secured term loans to 'D'. Subsequent to these actions, we expect to assign a corporate credit rating and outlook in the next few days that would reflect the new capital structure following PTC's restructuring.