S&P cuts Merisant

Standard & Poor's said it lowered several of its ratings on Merisant Worldwide Inc. and its wholly owned subsidiary Merisant Co.

The corporate credit rating was lowered to CCC from CCC+ and the subordinated debt rating was lowered to CC from CCC-, the agency said.

At the same time, S&P said it affirmed its CCC+ bank loan rating on Merisant's first-lien senior secured credit facility.

The outlook is negative.

S&P noted that the ratings reflect Merisant's highly leveraged financial profile, limited financial flexibility, tightening bank covenants, narrow product focus and highly competitive industry conditions.

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