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S&P lowers Sun Products
Standard & Poor's said it lowered the corporate credit rating on Sun Products Corp. to B- from B and on its first-lien senior secured credit facilities to B+ from BB- and on its second-lien senior secured term loan facility to CCC from B.
The outlook is negative.
The recovery ratings on the first-lien facilities remain 1, which indicates expectation for 90% to 100% recovery. The recovery rating on the second-lien facility was revised to 6 from 4, indicating expectation for 0% to 10% recovery.
"The downgrade reflects weaker-than-expected operating performance and cash flow generation, which has led to a deterioration credit protection measures," S&P analyst Mark Salierno said in a statement.
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