S&P drops SVP

Standard & Poor's said it lowered its corporate credit rating on SVP Holdings Ltd. to B from B+.

At the same time, the agency said it lowered the rating on the company's senior secured bank loan to B from B+.

The outlook is negative.

The agency said that the downgrade primarily reflects tight financial covenant cushion under its U.S. bank facility as a result of weaker-than-expected operating performance.

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