S&P lowers Mecachrome

Standard & Poor's said it lowered its long-term corporate credit rating on Mecachrome International Inc. to D from CC after the company missed the semi-annual interest payment due Nov. 15 on its €200 million of 9% senior subordinated notes.

At the same time, the agency said it lowered the issue-level ratings on the senior subordinated notes to D from CC and on the senior secured credit facilities to D from CCC-; the recovery ratings on these debts are unchanged at 4 and 2, respectively.

In addition, the agency said it removed the ratings from Creditwatch with developing implications, where they were placed Nov. 12.

According to S&P, the rating action follows Mecachrome's failure to make the scheduled interest payment.

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