S&P drops PRC to distressed

Standard & Poor's said it lowered PRC LLC's corporate credit rating to CCC+ from B.

The outlook is negative.

"The downgrade is based on liquidity concerns and deteriorating business performance," S&P credit analyst Andy Liu said in a written statement.

With a tight cushion of compliance and probable covenant violations in the fourth quarter, availability under its $20 million revolving credit facility will be limited without a waiver and amendments from its bank group, according to the agency. The issuer's ability to maintain covenant compliance after the fourth quarter remains in doubt, S&P said.

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