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S&P lowers Ginn-LA
Standard & Poor's said it lowered its corporate credit ratings on Ginn-LA CS Borrower and Ginn-LA Conduit Lender Inc. to D from CC.
At the same time, the agency said it lowered its rating on the borrowers' first-lien bank loan to D from CC and lowered its rating on the borrowers' second-lien bank loan to D from C.
The rating actions follow confirmation that Ginn-LA did not make the June 30 interest and principal payments on its bank debt, the agency added.
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