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S&P lowers Oreck
Standard & Poor's said it lowered its corporate credit ratings on Oreck Corp. to CCC- from CCC+.
At the same time, the agency said it lowered the ratings on the company's existing senior secured bank facility to CCC- from CCC+, the same as the corporate credit rating, with a recovery rating of 4.
The outlook is negative.
The agency said that the downgrade reflects its concerns about Oreck's very weak liquidity position, with continued lack of access to a revolving credit facility and with no viable near-term financing alternatives following the news that its previously proposed refinancing has been canceled.
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