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S&P takes Coach off watch
Standard & Poor's said that it has affirmed Coach America Holdings Inc.'s B- corporate credit rating and removed the company's ratings from CreditWatch, where they were placed with negative implications on Nov. 15.
The outlook is stable.
The ratings on Coach reflect its highly leveraged capital structure, the capital-intensive nature of the bus transportation industry and the company's vulnerability to economic and competitive pressures, S&P said.
The ratings consider the company's significant market position, diversified customer base and contractual arrangements with certain customers that provide some stability to revenues and earnings, the agency said.
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