S&P puts Reddy Ice on watch

Standard & Poor's said it placed its ratings on Reddy Ice Holdings Inc. and Reddy Ice Corp. on CreditWatch with negative implications, including the B corporate credit rating.

The CreditWatch placement reflects S&P's ongoing concerns with the company's weak operating performance and credit measures, which the agency said will likely constrain Reddy Ice's liquidity given current weak economic conditions.

In addition, the CreditWatch reflects concerns that Reddy Ice's credit measures will weaken further following its intention to refinance its existing operating company bank debt as well as prefund its future growth initiatives, S&P said.

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