S&P drops Cohr to CCC+

Standard & Poor's said it lowered the corporate credit rating on Cohr Holdings Inc., doing business as Masterplan Inc., to CCC+ from B- and its senior secured first-lien credit facilities to CCC+ from B-.

The outlook is negative.

"The action reflects our heightened concern regarding the company's liquidity profile, as well as its highly leveraged financial risk profile," S&P analyst Alain Pelanne said in a statement.

"Recent cash burn, while mainly due to one-time items, has exceeded our expectations, and the company's liquidity will be a key rating factor in the near term," Pelanne said.

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