S&P drops OpBiz

Standard & Poor's said it lowered its corporate credit and senior secured debt ratings on OpBiz LLC to CCC+ from B-.

In addition, the ratings remain on CreditWatch with negative implications where they were placed on Aug. 18, the agency noted.

S&P added that the downgrade reflects its concerns about the company's near-term liquidity position given the company's failure to satisfy its minimum construction spending requirement, which was $72 million by Aug. 31, 2006, by $35.6 million, as outlined in its existing bank facility and the lack of resolution to this covenant breach to date.

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