S&P puts American Reprographics on watch

Standard & Poor's said it placed the BB corporate credit rating for American Reprographics Co. LLC on CreditWatch with negative implications.

"The CreditWatch listing reflects our concerns around the current operating environment, the severity of revenue declines in the fourth quarter of 2008 and management's outlook for 2009," S&P analyst Liz Fairbanks said in a statement.

The agency estimates the bank's leverage was 2.1x for the 12 months ended December.

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