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S&P drops Fedders
Standard & Poor's said it lowered its corporate credit ratings on Fedders Corp. and Fedders North America Inc. to CC from CCC.
At the same time, Fedders North America's senior unsecured debt rating was lowered to C from CC, S&P said.
The outlook remains negative.
The downgrade follows Fedders' announcement that an event of default under its senior note indenture has occurred as a result of the company's failure to file its 10K with the SEC within the specified 30-day grace period.
Even though Fedders believes it is in compliance with all other terms of its senior notes, as a result of the occurrence of an event of default, the trustee or holders of at least 25% of the aggregate principal amount of the senior notes outstanding can declare all senior notes to be due and payable immediately, the agency noted.
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