S&P lowers Cambium

Standard & Poor's said it lowered Cambium Learning Inc.'s corporate credit rating to B- from B. Ratings remain on CreditWatch with negative implications, where they were placed on Dec. 6.

S&P said the downgrade reflects the company's delay in delivering its financial statements for the year ended Dec. 31 and weak operating performance, which may impair liquidity.

The issuer's debt-to-EBITDA ratio rose to about 8.5 times at March 31, from pro forma 7 times at the March 2007 leveraged buyout of the company, the agency said.

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