S&P: Haights Cross on developing watch

Standard & Poor's said it revised its CreditWatch implications for the ratings on Haights Cross Communications Inc. and operating subsidiary Haights Cross Operating Co. to developing from negative.

The revision is based on the company's announcement that it is evaluating potential strategies, including the sale of some or all of the company, the agency said, noting that affected ratings include Haights Cross' corporate credit rating at CCC+ and senior unsecured at CCC-.

The ratings were originally placed on CreditWatch with negative implications on June 6, after the company received a notice of default from the trustee of certain of its unsecured debt issues based on its delinquency in filing financial statements, the agency said, adding that the company subsequently filed its 2006 10-K and 10-Q for the second quarter of 2007, which puts the company in compliance with filing requirement under its bond indentures and alleviates the risk of a near-term acceleration.

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