S&P: WireCo on negative watch

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

The CreditWatch placement means the agency could affirm or lower the ratings after it completes the review.

"The CreditWatch placement reflects our view of the company's relatively high debt, its net leverage covenant cushion of less than 10%, and uncertainty about how the company plans to reduce debt," S&P credit analyst Megan Johnston said in a news release.

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