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S&P lowers Valassis
Standard & Poor's said it lowered the corporate credit rating on Valassis Communications Inc. to B from B+ and removed ratings from CreditWatch, where the were placed with negative implications on Nov. 6.
The outlook is negative.
The agency lowered the company's senior secured credit facilities to B+ from BB with recovery rating revised to 2 from 1 and its subordinated debt to CCC+ from B- with 6 recovery rating.
"The downgrade of the corporate credit rating reflects our expectation for a very challenging operating environment in 2009," S&P analyst Liz Fairbanks said in a statement.
The downgrade also reflects concern about what is expected to be a thinning cushion relative to the company's financial maintenance covenants, the agency said.
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