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S&P cuts Deluxe Entertainment to CCC
Standard & Poor's said it lowered its corporate credit rating on Deluxe Entertainment Services Group Inc. to CCC from B.
The outlook is negative.
"The downgrade reflects our view that Deluxe Entertainment Services Group Inc. is currently vulnerable to a covenant breach and depends on favorable business, financial, and economic conditions to meet its financial commitments," S&P credit analyst Peter Bourdon said in a news release.
"With the company's EBITDA cushion of compliance with its 4.6x total net leverage covenant at less than 3%, and a large roll off of EBITDA from the third quarter of 2013 coming in the Sept. 30 testing period, we do not expect that the company will be in compliance."
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