S&P drops Vertrue to D

Standard & Poor's said it lowered the corporate credit rating on Vertrue to D from CCC+ and lowered its first-lien senior secured credit facilities to D from CCC+.

The recovery rating on the debt was revised to 4 from 3, indicating expectation of 30% to 50% recovery.

"The downgrade reflects Vertrue's failure to pay the scheduled interest on its term loan due 2014 and interest and fees on its revolver due 2013," S&P analyst Chris Valentine said in a statement.

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