S&P cuts Workflow

Standard & Poor's said it lowered its ratings on Workflow Management Inc., including its corporate credit rating, to B from BB-.

At the same time, S&P said it affirmed its BB- rating, two notches above the corporate credit rating, on the company's first-lien senior secured credit facility, while the recovery rating was changed to 1 from 2, the agency said.

The agency noted that the issue rating on the company's second-lien term loan was lowered to CCC+ from B, while the recovery rating was revised to 6 from 5.

The ratings on Workflow were removed from CreditWatch where they were listed with negative implications on Nov. 26, 2006, the agency said.

The outlook is negative.

S&P added that the downgrade reflects operating trends that have resulted in lower revenue and cash flow over the last year and a decline in EBITDA interest coverage to the mid- to high-1x range at March.

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