S&P drops Gundle/SLT

Standard & Poor's said it lowered its corporate credit rating on Gundle/SLT Environmental Inc. to B- from B+.

The outlook is stable.

At the same time, the agency said it lowered the issue rating on Gundle/SLT's senior secured credit facilities to B from B+, one notch above the corporate credit rating.

The agency added it also raised the recovery rating to 1 from 2 on the senior secured credit facilities and consistent with the lower corporate credit rating, it lowered the rating on the company's senior unsecured notes to CCC from B-.

S&P said that the downgrade reflects weaker-than-expected operating earnings and cash flow, resulting in the deterioration of liquidity and key credit protection measures.

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