S&P drops Aspect

Standard & Poor's said it lowered its corporate credit rating on Aspect Software Inc. to CCC+ from B, and its first-lien debt rating to B- from BB-.

The agency said it has also revised the recovery rating on that debt to 2 from 1.

The outlook is developing.

At the same time, the issue-level rating on its secured second-lien debt has been changed to CCC from B-, the agency said, noting that the recovery rating remains 5.

"The rating action is based on Aspect's weakening operating performance and upcoming covenant tightening," said S&P credit analyst Joseph Spence.

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