S&P: Maxim Crane view negative

Standard & Poor's said it affirmed Maxim Crane's B corporate credit rating and revised the outlook to negative from stable.

"The outlook revision to negative reflects credit metrics that remain weak for the rating, despite some gradual improvement in operating performance and increasing refinancing risk associated with its $500 million ABL facility maturing July 2013," S&P analyst Carol Hom said in a statement.

The ratings reflect the company's highly leveraged financial risk profile and its weak business risk profile, the agency said.

The company's operating performance has improved modestly over the past few quarters, but it continues to operate with credit metrics that are below expectations for the rating, the agency noted.

In addition, Maxim's liquidity is less than adequate, as upcoming debt maturities within the next 12 months poses refinancing risk, S&P added.

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