Ventura-based Affinity Group Holding, a direct marketer for owners of recreational vehicles and the operator of 77 Camping World retail stores, is facing the maturity of its secured credit agreement in June.

Standard & Poor’s sees “uncertainty” regarding the company’s ability to nail down replacement financing. The S&P report, which also lowered the corporate rating another notch to CCC, mentioned there is a non-binding agreement with another lender for a new secured facility assuming the Camping World stores are sold. The new loan would also command what S&P described as “significantly higher” interest.

Affinity Group already said it would be late in filing its annual report with the Securities and Exchange Commission, according to Bloomberg News.

The S&P downgrade was the third for Affinity in 11 months.

Affinity Group listed assets of $309 million and liabilities totaling $496 million on Sept. 30.

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