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S&P downgrades Allen Systems
Standard & Poor's said it lowered the corporate credit rating on Allen Systems Group Inc. to D from CCC-.
The agency also said it lowered the rating on the senior secured second-lien notes to D from CC. The recovery rating on these notes is unchanged at 6, reflecting 0 to 10% expected default recovery.
The downgrades follow the missed interest payment due May 15 on the company's 10½% senior secured second-lien notes due 2016 and an expectation that the payment will not be made within the required 30-day grace period, S&P said.
The missed interest payment on the second-lien notes follows the company's deteriorating operating performance, weak liquidity and multiple breaches of financial covenants over the last year, the agency said.
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