S&P lowers Corel to CCC+

Standard & Poor's said it lowered its long-term corporate credit rating on Corel Corp. by one notch to CCC+ from B-.

The outlook is stable.

At the same time, S&P affirmed its B- issue-level rating on Corel's first-lien term loan and revised its recovery rating on the debt to 2 from 3.

"We base the downgrade on the company's weaker-than-expected operating performance in recent quarters and our expectation that results will remain soft through fiscal 2013, which could lead to a near-term covenant breach and refinancing risk," S&P credit analyst David Fisher said in a news release.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.