S&P downgrades MacDermid

Standard & Poor's said it lowered the ratings on MacDermid Inc. to B- from B and its secured credit facilities to B+ from BB- and the senior subordinated notes to CCC from CCC+. The recovery rating on the secured credit facilities is unchanged at 1 and the senior subordinated notes unchanged at 6.

The outlook is negative.

"The downgrade reflects our expectation of weaker operating results because of the current difficult operating environment and recessionary pressure, which are likely to further delay a material improvement in the company's financial profile," S&P analyst Henry Fukuchi said in a statement.

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