S&P: NANA on watch

Standard & Poor's said it placed its ratings, including the B+ corporate credit rating, on NANA Development Corp. on CreditWatch with negative implications.

The agency said the CreditWatch placement primarily reflects its view of greater prospects for diminished covenant headroom under NANA's secured total leverage covenant.

The action also reflects S&P's decision to review potential challenges for the company.

"Our weak business risk profile assessment incorporates NANA's reliance on government spending and royalties from third parties," said S&P credit analyst Nishit Madlani in a news release.

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