S&P cuts Xerium, loans, on watch

Standard & Poor's said it lowered its corporate credit rating and bank loan ratings on Xerium Technologies Inc. to B+ from BB-.

At the same time, the ratings were placed on CreditWatch with negative implications. Affected ratings include the $650 million first-lien senior secured debt and $100 million revolving facility.

S&P said the downgrade reflects the company's weaker-than-expected operating performance and deterioration in credit protection measures, as well as concerns that manufacturing issues will further delay improvement in the company's financial profile.

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