S&P cuts Lansing Trade, notes to B

S&P said it lowered its corporate credit rating on Lansing Trade Group LLC to B from B+.

The outlook is stable.

At the same time, the agency downgraded its issue-level rating on the company's $175 million unsecured notes to B from B+. The 3 recovery rating is unchanged, indicating an expectation for meaningful recovery (50%-70%; lower half of the range) of principal in the event of a payment default.

"The downgrade reflects our view that Lansing's recent losses reflect a more aggressive risk profile in its trading activities than we had previously factored into our ratings," S&P credit analyst Jessica Paige said in a news release.

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