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S&P affirms WireCo, cuts notes
Standard & Poor's said it affirmed its B+ corporate credit rating on WireCo WorldGroup.
The outlook is stable.
At the same time, the agency said it affirmed its BB issue-level rating on the $65 million add-on to the second-lien term loan due 2014. The recovery rating remains a 1.
In addition, the agency said it lowered its issue-level rating on the company's $275 million of senior unsecured notes due 2017 to B- from B. The recovery rating is revised to 6 from 5.
The company plans to use proceeds from the term loan add-on to pursue near term strategic initiatives, which could include additional acquisitions, S&P added.
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