S&P downgrades Heidelberger Druckmaschinen

Standard & Poor's said it lowered its long-term corporate credit rating on Heidelberger Druckmaschinen AG to B from B+.

At the same time, the agency said it lowered the issue rating on the €304 million senior unsecured notes to CCC+ from B-. The recovery rating on this debt is 6, indicating an expectation of negligible recovery in the event of a payment default, the agency said.

The outlook is negative.

S&P said the downgrade reflects a negative revision of financial forecasts for the company in light of the weak recent performance by the company, weak conditions and prospects for the company's end-markets, as well as S&P's view of execution risks on the company's announced restructuring program.

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