S&P cuts Terex

Standard & Poor's said it lowered its long-term corporate credit rating on Terex Corp. to BB- from BB.

The outlook is negative.

"The rating action reflects continued weak end-market conditions which appear likely to result in credit measures deteriorating beyond its range of expectations," said S&P credit analyst Dan Picciotto.

S&P said that the company is exposed to the highly cyclical construction sector which has seen significant demand declines because of the global economic downturn.

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