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S&P downgrades DS Waters
Standard & Poor's said it lowered DS Waters of America Inc.'s corporate credit rating to CCC+ from B.
The ratings were removed from CreditWatch, where they were placed with negative implications in February following the company's weaker-than-expected operating performance and a concern about its significant near-term refinancing risk.
The outlook is developing.
DS Waters and its holding companies, DSW Group Inc. and DSW Holdings, are rated as one economic entity, S&P said.
The downgrade reflects the company's significant near-term refinancing risk for the majority of its consolidated capital structure, the agency said.
At the same time, the company's operating performance has continued to be pressured, which has resulted in weaker credit measures, S&P said.
The company will be challenged to improve its operating results amid continued weak economic conditions and expected higher commodity costs, the agency added.
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