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S&P rates American Reprographic notes BB-
Standard & Poor's said it assigned American Reprographics Co.'s proposed $220 million senior notes due 2018 a BB- rating, with a debt a recovery rating of 4, indicating S&P's expectation of average (30% to 50%) recovery in the event of a payment default.
Proceeds will be used to refinance the company's senior secured credit facility.
The rating reflects the belief that there is significant risk that liquidity will weaken because discretionary cash flow declines will hamper the company's ability to cover annual maturities and that the company's margin of compliance with its existing financial covenants may thin further, S&P said.
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