S&P downgrades Mark IV

Standard & Poor's said it lowered its ratings on Mark IV Industries Inc., including the corporate credit rating to B- from B.

The outlook is negative.

The agency said the downgrade reflects Mark IV's high leverage and thin cash flow ratios, which remain weaker than previous expectations. S&P expects free operating cash flow to remain negative, limiting potential for further deleveraging.

Positively, the company has good geographic diversity, solid market positions in niche segments and fair EBITDA margins, S&P said.

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