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S&P cuts American Gilsonite
Standard & Poor's said it lowered its corporate credit rating on American Gilsonite Co. to B- from B.
The outlook is stable.
The agency also lowered the rating on the company's $270 million second-lien notes to B- from B. The recovery rating on the notes remains 4, indicating an expectation for average (30% to 50%) recovery in the event of payment default.
S&P said the downgrade reflects its expectation that operating conditions for American Gilsonite will remain difficult for the next 12 months due to slower-than-expected demand in its key oil and gas end market.
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