S&P lowers Synagro

Standard & Poor's said it lowered all of its ratings on Synagro Technologies Inc. by one notch.

The corporate credit rating was lowered to CCC- from CCC. The outlook is negative.

"The downgrade of Synagro reflects the company's highly leveraged financial risk profile and weak liquidity," said S&P credit analyst James Siahaan in a news release.

"The company breached its maximum leverage covenant under its secured credit facilities during the third quarter and we believe it will likely be in violation with the covenant at the end of the fourth quarter as well."

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