Solar Firm Enstall Cut Deeper Into Junk on Rising Default Risk

The private equity-owned solar company Enstall Group B.V. had its credit rating cut deeper into junk due to the rising risk it will be forced to default on its debt.

Enstall, which designs and sells solar-mounting systems for roofs, was cut by one notch to CCC, eight steps below investment grade, S&P Global Ratings said Wednesday. S&P has a negative outlook on the rating and said the company may need to cut a restructuring deal with creditors.

S&P said the company’s debt load is unsustainable, with its adjusted earnings of around €70 million ($83 million) unable to cover the ...