S&P affirms Recycled Paper

Standard & Poor's said it affirmed its CCC corporate credit and bank loan ratings on Recycled Paper Greetings Inc.

The ratings were removed from CreditWatch with negative implications, where they were placed on April 5, following the company's violation of financial covenants for the third quarter ended Jan. 26 and loss of access to its revolving credit facility, the agency added.

S&P said that the ratings on Recycled Paper reflect its leveraged financial profile, narrow product focus, customer concentration and small size.

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