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S&P: ACCO on watch
Standard & Poor's said it placed all of its ratings, including its BB- corporate credit rating, on ACCO Brands Corp. on Creditwatch with negative implications, meaning that it could affirm or lower the ratings following its review.
The agency said that the Creditwatch listing follows ACCO's third-quarter 2008 weaker-than-expected operating performance, resulting in tighter covenant cushion levels, and its concerns about the weak economy's effect on the company's performance in the near term.
According to S&P, the weak economy negatively affected ACCO's third-quarter operating performance across all markets and business segments and its estimate of credit protection measures for the quarter-ended Sept. 30, was weaker than it expected, with debt to EBITDA around 4.2x.
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