S&P cuts True Temper

Standard & Poor's said it lowered its ratings on True Temper Sports Inc., including its corporate credit rating, to CCC from CCC+.

At the same time, S&P said it lowered its rating on the company's first-lien senior secured credit facility to B- from B, the recovery rating is unchanged at 1, indicating the expectation for very high recovery of principal in the event of a payment default.

The agency said it also lowered ratings on the company's senior subordinated notes to CC from CCC- while all the ratings were removed from CreditWatch, where they had been placed with negative implications on Aug. 17.

"The ratings on True Temper reflect the company's very high debt leverage, extremely tight financial covenants, weak operating performance, narrow product focus and the discretionary nature of its products," said S&P credit analyst Kenneth Shea.

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