S&P: Willbros cut, on watch

Standard & Poor's said it lowered its ratings on Willbros Group Inc., including the corporate credit rating, to B- from B.

At the same time, the agency said it placed the ratings on CreditWatch with negative implications.

"The downgrade reflects our concerns about a potential covenant violation, weak credit protection measures, pending litigation, and upcoming debt maturities," said S&P credit analyst Sarah Wyeth in a news release.

"The CreditWatch reflects our opinion that the company is at risk of a covenant violation if it does not meaningfully improve EBITDA or sell assets," Wyeth said.

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