S&P ups Workflow Management

Standard & Poor's said it raised its corporate credit rating on Workflow Management Inc. to CC from D.

The outlook is negative. In addition, the agency said it raised its issue-level rating on the company's first-lien debt to CCC, two notches higher than the CC corporate credit rating, from D.

The recovery rating on this debt remains unchanged at 1, the agency said, noting that the issue-level rating on Workflow's second-lien debt remains at C, and the recovery rating on this debt remains at 6.

"The ratings upgrade reflects the company's payment of a previously withheld amortization payment on its first-lien term loan and the execution of forbearance agreements with its first- and second-lien lenders," explained S&P credit analyst Mike Listner.

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