S&P could lower X-Rite

Standard & Poor's said it placed the B+ corporate credit rating on X-Rite Inc. on CreditWatch with negative implications following the company's announcement that it was not in compliance with certain covenants in its secured credit facilities.

X-Rite also has a BB- rating for its $250 million senior secured term bank loan due 2011 and B rating for its $125 million senior secured second-lien term loan due 2012.

The company is in discussion with lenders to amend the credit agreement and will not be able to draw on its revolver until discussions are completed, the agency said. The watch also reflects the company's currently weaker-than-expected operating performance, S&P added.

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