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S&P lowers Koosharem
Standard & Poor's said it lowered Koosharem Corp.'s corporate credit rating to CCC from B-.
The outlook is negative.
S&P said it lowered the issue-level rating on the company's $509 million senior secured credit facilities. The agency lowered the bank loan rating on the $409 million first-lien credit facility to CCC from B- and revised the recovery rating on this debt to 4 from 3. In addition, S&P said it lowered the issue-level rating on the company's $100 million second-lien term loan B due 2014 to CC from CCC. The second-lien recovery rating remains at 6.
"The downgrade reflects the effect of the recession on the company's operating performance, the company's limited liquidity, extremely narrow margin of compliance under its first-lien debt leverage covenant, and limited liquidity," said S&P credit analyst Hal Diamond in a news release.
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