S&P lowers Language Line

Standard & Poor's said it lowered its corporate credit rating on Language Line Holdings LLC to B from B+.

The agency said it also lowered its ratings on Language Line's first-lien credit facilities to B from B+. The recovery rating remains 3.

In addition, the agency said it lowered its ratings on the company's second-lien credit facilities to CCC+ from B-. The recovery rating remains 6.

"We lowered Language Line's corporate credit rating because of the company's underperformance and very aggressive financial policy, which we believe increases financial risk in light of covenant step-downs later this year," said S&P credit analyst Tulip Lim in a news release.

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