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S&P puts AGS on watch
Standard & Poor's said it placed AGS LLC's B corporate credit rating on CreditWatch with negative implications.
"The CreditWatch listing reflects the company's thin covenant cushion with respect to its total leverage covenant (despite increased revenue and EBITDA in 2009) and our concern that the company will be unable to meet the next covenant step-down in March 2010," S&P analyst Melissa Long said in a statement.
The total leverage covenant tightens by 0.25x to 3.50x at the March 31, 2010 measurement date.
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