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S&P cuts Language Line loans
Standard & Poor's said it lowered its corporate credit rating on Language Line Holdings LLC to B- from B.
The outlook is stable.
At the same time, S&P lowered its ratings on Language Line's first-lien credit facilities to B- from B. The recovery rating on this debt remains at 3.
In addition, the agency lowered its ratings on the company's second-lien credit facilities to CCC from CCC+. The recovery rating on this debt remains at 6.
S&P said the corporate credit rating reflects its expectation that Language Line's financial policy will remain very aggressive and leverage will remain high, which underpins its assessment of the financial risk profile as "highly leveraged."
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