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S&P lowers FriendFinder
Standard & Poor's said it lowered the rating on FriendFinder Networks Inc. to CCC from CCC+, along with all issue-level ratings on the company's debt by one notch in conjunction with the downgrade.
The outlook is negative.
The ratings reflect the company's declining paid subscriptions and the likelihood that operating results will remain weak over the near term, pressuring covenant compliance, S&P said.
The agency also said it believes that the company faces significant risks related to refinancing its large debt maturities due in September 2013.
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