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S&P downgrades WRC Media
Standard & Poor's said it lowered its ratings on WRC Media Inc., including its corporate credit rating to B- from B, senior secured revolver to B- from B, senior secured second-lien term loan to CCC+ from B-, and subordinated debt to CCC from CCC+.
At the same time, the ratings were removed from CreditWatch, where they were placed on June 6, 2003.
The outlook is negative.
S&P said the downgrade reflects the company's heightened financial risk resulting from declining profitability, increasing debt and preferred stock levels, and the lackluster environment for supplementary educational spending resulting from state and local budgetary constraints. Three of WRC Media's four major businesses experienced EBITDA declines in the first half of 2004.
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