S&P cuts Abitibi notes to CCC+

Standard & Poor's said it assigned recovery ratings to the senior unsecured debt issues of AbitibiBowater Inc., Abitibi-Consolidated Inc. and Bowater Inc.

At the same time, the agency said it lowered the issue-level rating on these debts to CCC+, one notch below the corporate credit ratings on the companies, from B-.

Based on a separate recovery analysis of each entity, the agency added that it assigned a recovery rating of 5 to the issues, noting that it also assigned an issue-level rating of CCC+, with a recovery rating of 5, to the $350 million convertible notes issued by AbitibiBowater.

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