S&P downgrades Omnimax

S&P said it downgraded Omnimax Holdings Inc. and its 12% notes to CCC+ from B- and placed the company on CreditWatch with negative implications.

The company has $593 million of debt maturing within the next two years. A weaker commercial and recreational vehicles market along with higher metal costs is viewed by S&P as unsustainable.

The agency also revised its liquidity assessment to less than adequate from adequate.

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