S&P: CommerceConnect, Cygnus view negative

Standard & Poor's said it revised the outlook on Cygnus Business Media Inc. and its parent CommerceConnect Media Holdings Inc. to negative from stable.

The CCC+ corporate credit rating was affirmed.

S&P said the outlook change reflects concern over the company's significant maturities in 2009.

The CCC+ rating reflects Cygnus' limited liquidity, high tolerance for risk, high debt leverage, small EBITDA base and difficult business fundamentals, the agency said.

These factors are partly offset by the company's cash flow diversity and the niche competitive positions of its trade publications, expositions and related operations serving eight industry sectors, S&P noted.

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