S&P lowers Mecachrome

Standard & Poor's said it lowered Mecachrome International Inc.'s corporate credit rating to B from B+ and placed ratings on CreditWatch with negative implications.

The downgrade follows Mecachrome's July 15 announced revised earnings guidance, profitability improvement plan and management changes, according to the agency.

The action reflects the expected weakening of financial measures due to material delays in key aircraft programs, S&P said.

The agency said it estimates Mecachrome's adjusted debt-to-EBITDA ratio at about 6 times for 2008.

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