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S&P downgrades Immucor, debt
Standard & Poor's said it lowered its corporate credit rating on Immucor, Inc. to B from B+.
The outlook is stable.
At the same time, the agency lowered its issue-level rating on the company's first-lien debt to B+ from BB-. The recovery rating remains 2.
S&P also lowered its issue-level rating on the company's second-lien debt to CCC+ from B-. The 6 recovery rating remains unchanged.
"Our rating action on Norcross, Ga.-based Immucor Inc. follows the company's weaker-than-expected operating performance during the first three quarters of fiscal year 2014 and reflects our expectation of a further EBITDA margin contraction resulting in weaker credit protection measures and lower free operating cash flow," S&P credit analyst Maryna Kandrukhin said in a news release.
"These weaker credit metrics support our view that Immucor no longer favorably compares with its B-rated peers."
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