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S&P drops RGIS outlook to stable
Standard & Poor's said it revised its ratings outlook on RGIS Inventory Specialists to stable from positive.
The outlook revision is based on the company losing considerable sales, which were down 5.4% in the first quarter, from increased competition, the agency noted.
With the lower sales, the company's operating leverage worsened and overall margins were down 3.8%, S&P said, adding that credit metrics weakened with leverage falling to 7.6x, down from 6.9x at the end of 2007.
Currently, EBITDA coverage of interest is very weak at 1.4x, the agency noted.
The outlook is stable.
S&P said that the ratings on RGIS reflect its highly leveraged capital structure.
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