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S&P cuts Iracore, notes
Standard & Poor's said it lowered its corporate credit rating on Iracore International Holdings Inc. to CCC+ from B-.
The outlook is negative. At the same time, the agency lowered the issue-level rating on the company's outstanding second-lien notes to CCC+ from B. The recovery rating on the notes was revised to 4 from 2, reflecting an expectation of average (30% to 50%) recovery to creditors in the event of a payment default.
"The downgrade reflects our expectation that the company will likely continue to face weak market conditions in 2015 as a result of the drop in oil and natural gas prices and our expectation that Canadian oil sands companies will hold back expansion projects given the uncertainty in commodity prices," S&P credit analyst Christine Besset said in a news release.
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