S&P lowers Endurance Business Media

Standard & Poor's said it lowered the ratings of Endurance Business Media Inc., including the corporate credit rating to B- from B, and removed them from CreditWatch, where they were placed with negative implications April 9.

The outlook is stable.

The agency said the downgrade reflects the deterioration of Endurance's credit metrics and cushion of compliance with bank covenants in the first quarter and the difficulties S&P believes the company faces in the intermediate term as the real estate market continues to struggle and covenants continue to tighten.

The total debt-to-EBITDA ratio was 5.5 times for the 12 months ended March 31.

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