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S&P lowers Optima Specialty
Standard & Poor's said it lowered the corporate credit rating on Optima Specialty Steel Inc. to CCC from CCC+.
The outlook is negative.
S&P also said it lowered the rating on the company's 12½% senior secured notes to B- from B.
The recovery rating on the debt remains at 1, indicating 90% to 100% expected default recovery.
S&P also said it lowered the rating on the company's 12% senior unsecured notes to CC from CCC-. The recovery rating on the debt remains at 6, indicating 0 to 10% expected default recovery.
The negative outlook reflects a view that Optima may face a liquidity crisis in the next six- to 12-months if it is unable to refinance its debt in a timely fashion, the agency said.
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