S&P drops Quebecor World, rates notes BB-

Standard & Poor's said it lowered its long-term corporate credit and senior unsecured debt ratings on Quebecor World Inc. by one notch to BB- from BB.

At the same time, the agency added it lowered its ratings on the company's subordinated debt to B from B+ and on its preferred stock to B- from B.

In addition, S&P said it assigned its BB- rating to Quebecor World's $300 million senior unsecured notes due 2016.

The ratings on Quebecor World reflect the company's relatively aggressive financial profile and policy, weakness in revenues and earnings, despite restructuring efforts and difficult industry conditions, S&P said.

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