S&P: Aquilex on watch

Standard & Poor's said it placed its B corporate credit rating and all other ratings on Aquilex Holdings LLC on Creditwatch with negative implications.

The rating action follows the company's weaker-than-expected operating performance and resulting erosion of financial covenant headroom during the first half of 2010, the agency said.

"The Creditwatch placement on Aquilex reflects the company's diminished profitability and liquidity during the first half of 2010 because its customers, particularly those in its specialty welding, repair, and overhaul segment, have delayed the timing of maintenance turnaround projects to a degree greater than previously expected," said S&P credit analyst James Siahaan.

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