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S&P downgrades WireCo
Standard & Poor's said it lowered the corporate credit rating on WireCo WorldGroup Inc. to B from B+.
The outlook is stable.
The agency also said it lowered the rating on the company's $480 million senior secured credit facility due 2017 to B+ from BB-.
The recovery rating on the credit facility remains 2, indicating 70% to 90% expected default recovery.
S&P also said it lowered the rating on the company's $425 million senior unsecured notes due 2017 to B- from B. The recovery rating remains 5, indicating 10% to 30% expected default recovery.
The agency also said it removed all ratings from CreditWatch, where they were placed with negative implications May 21.
The downgrade reflects an expectation that operating conditions for WireCo will remain difficult for the next 12 months due to weak key end markets, S&P said.
WireCo's liquidity should remain adequate and the company's cost-cutting measures should eventually lead to improved credit measures, the agency said.
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