OREANDA-NEWS. S&P Global Ratings said today it raised its corporate credit rating on Wexford, Pa.-based PTC Group Holdings Corp. to 'CCC+' from 'D'. The outlook is stable.

At the same time, we raised the issue-level ratings on the company's $70 million senior secured term loan due December 2019 and $50 million senior secured term loan due December 2019 to 'CCC+' from 'D'. We revised the recovery rating on the debt to '3' from '2', indicating our expectation for meaningful (50% to 70%; at the lower end of the range) recovery in the event of payment default.

"Subsequent to these rating actions, we withdrew our ratings on PTC and its debt obligations due to a lack of timely information of satisfactory quality necessary to maintain our ratings in accordance with our applicable criteria and policies. This follows the company's disclosure in its amended credit agreements on July 28, 2016, that it missed interest and amortization payments on its term loans in the first half of the year," said S&P Global Ratings credit analyst Michael Maggi.