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S&P cuts AOT second-lien rating
Standard & Poor's said it affirmed its B corporate credit rating and BB- first-lien senior secured debt rating on AOT Bedding Holdings Corp. and lowered the issue-level rating on AOT's second-lien secured debt to CCC+ from B-.
S&P also revised the recovery rating to 6, indicating the likelihood of negligible (0%-10%) recovery in the event of a payment default, from 5.
The outlook is stable.
"The ratings on AOT Bedding Holdings Corp. reflect its narrow business focus, aggressive financial policy, and highly leveraged financial profile," said S&P credit analyst Rick Joy in a news release.
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