S&P affirms Central Parking

Standard & Poor's said it affirmed its ratings on Central Parking Corp., including the company's B+ corporate credit rating, BB- bank loan rating and CCC+ preferred stock rating. At the same time, the ratings were removed from CreditWatch with negative implications, where they were placed on March 16.

The outlook is negative.

The CreditWatch listing followed the company's announcement that it had engaged Morgan Stanley to assist in pursuing various strategic alternatives, including the possible sale or recapitalization of the company. The CreditWatch listing also reflected S&P's concern over management turnover following the resignation of the company's former chief financial officer.

The rating actions follow recent announcements by Central Parking that the company is no longer for sale; will implement a strategic plan to streamline operations; and divest unprofitable facilities. In addition, Central Parking announced that the position of chief financial officer has been filled internally by Jeff Heavrin. The company will also repurchase $70 million of the company's stock via a Dutch auction tender offer.

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