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S&P cuts Tekni-Plex
Standard & Poor's said it lowered its rating on Tekni-Plex Inc.'s $315 million 12¾% senior subordinated notes due 2010 to D from C and its corporate credit rating to D from CCC-.
The agency said it lowered the ratings on the $150 million 10 7/8% first-lien senior secured notes due 2012 to CC from CCC-.
S&P noted that it placed the ratings on the senior secured notes due 2012 and the $275 million second-lien senior secured notes due 2013 on CreditWatch with negative implications.
According to the agency, the rating actions follow the company's announcement that it did not make its $20.5 million interest payment due on Dec. 17 on its 12¾% notes.
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