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S&P: Coach America outlook stable
Standard & Poor's said it revised the outlook on Coach America Holdings Inc. to stable from negative and affirmed the B- long-term corporate credit and the B senior secured debt ratings with the recovery rating unchanged at 2.
S&P said the outlook revision is based on Coach America's recent improved operating performance and view that these improvements will be sustained over the next year.
Ratings reflect Coach America's highly leveraged capital structure, limited room under financial covenants and some vulnerability to economic and competitive pressures, the agency said.
Strengths include the company's significant market position, geographic and customer diversity, and contractual arrangements with certain customers, S&P noted.
The outlook could be revised to positive if the adjusted debt-to-EBITDA ratio falls to below 6 times, the agency said.
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