S&P cuts Workflow

Standard & Poor's said it lowered the corporate credit rating on Workflow Management Inc. to D from CCC- and its first-lien credit facilities to D from CCC. The corresponding recovery rating remains unchanged.

The agency said it plans to withdraw the ratings over the next several days.

The downgrades follow news that Workflow and its domestic subsidiaries have filed a voluntary petition for reorganization under Chapter 11 of the U.S. bankruptcy code, S&P said.

The ratings reflect the potential near-term financial covenant violation and an expectation that the company would have difficulties in generating sufficient cash flow to meet debt service obligations through the remainder of 2010, the agency said.

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