S&P lowers Rotech Healthcare

Standard & Poor's said it lowered its corporate credit rating on Rotech Healthcare Inc. to D from SD after the company filed for Chapter 11 bankruptcy protection on April 8.

S&P said the downgrade follows Rotech's announcement that they filed Chapter 11 bankruptcy protection, under a prepackaged reorganization.

As a result of the bankruptcy filing, the agency also lowered its rating on the $230 million senior secured first-lien notes to D from CC.

The D rating on the company's $290 million senior secured second-lien notes was affirmed.

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