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Armtec Holdings Ltd. CCR Lowered To 'B+' From 'BB-', And Put On Watch Neg On Weak First-Quarter 2011 Earnings Jun 11
Standard & Poors, June 2011
Abstract
We are lowering our long-term corporate credit rating on Armtec Holdings Ltd. to 'B+' from 'BB-' and our senior unsecured debt rating on the company to 'B-' from 'B'. At the same time, we are placing the ratings on CreditWatch with negative implications. These rating actions follow Armtec's reported weak first-quarter 2011 earnings, as the company's margins and EBITDA continue to be affected by the run-off of lower-margin construction contracts entered into during the recession as well as by weather-related construction delays. Armtec is in talks with its senior secured lenders to amend its covenants, under which there was already little cushion. We will resolve the CreditWatch following greater clarity about Armtec's near-term operating prospects, its ongoing covenant negotiations, and...
Companies mentioned in this report are: Armtec Holdings Ltd.
Action: Downgraded
Action: On CreditWatch:Negative
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
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