S&P: Workflow on watch

Standard & Poor's said it placed its ratings for Workflow Management Inc., including the B corporate credit rating, on CreditWatch with negative implications.

The CreditWatch listing reflects continued weakness in operating performance through the third quarter of fiscal 2007, leading to greater concern about the company's ability to improve cash flows to levels sufficient to cover fixed charges, including increased principal amortization payments in 2008, the agency said.

Trends in operating performance have also resulted in a tighter cushion relative to financial covenants, in particular the company's minimum EBITDA and interest coverage covenants, S&P added.

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