S&P lowers Mercer

Standard & Poor's said it lowered its ratings on Mercer International Inc., including the corporate credit rating to B- from B, and placed the ratings on CreditWatch with negative implications.

The agency said the downgrade and CreditWatch listing reflect weaker-than-expected financial results and liquidity for the fourth quarter 2008 and S&P's expectation that challenging market conditions could reduce Mercer's liquidity further in the near term.

At Dec. 31, liquidity declined to approximately €72 million from €105 million at the end of the previous quarter because of lower consumption and selling prices as well as working capital investments, S&P said.

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