S&P downgrades Gibson

S&P said it lowered its corporate credit rating on Gibson Brands Inc. to D from CCC-.

At the same time, the agency lowered the issue level rating on the company's $375 million senior secured notes due in August to D from CCC-.

The recovery rating remains at 4, indicating an expectation for an average (30%-50%; rounded estimate 30%) recovery in the event of payment default.

S&P said the downgrade follows Gibson Brands' announcement that it has filed for Chapter 11 bankruptcy protection.

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