S&P lowers infoGroup

Standard & Poor's said it lowered its corporate credit rating on infoGroup Inc. to B- from B and removed all ratings from CreditWatch, where they were placed with negative implications on Jan. 25.

The outlook is negative.

At the same time, S&P lowered all issue-level ratings on the company's debt by one notch, in conjunction with the downgrade. The recovery ratings on these debt issues remain unchanged.

The downgrade reflects the company's weak near-term operating outlook, increasing debt leverage and only near-term covenant relief provided by the April 2013 amendment to its credit facility, the agency said.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.