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S&P may cut Alliance Laundry
Standard & Poor's said it placed Alliance Laundry Systems LLC on CreditWatch with negative implications. The issuer has a corporate credit rating of B, senior secured local-currency rating of BB- and subordinated local-currency rating of CCC+.
The CreditWatch placement follows the company's announcement that it found errors in its reconciliation of unvouched payables, which resulted in understating the company's liabilities by $2.4 million to $2.7 million, according to the agency.
The company cannot file its June 10-Q until its review is completed, which constitutes an event of default under the company's senior credit agreement, S&P said.
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