S&P puts Deluxe Entertainment on positive watch

Standard & Poor's said that Deluxe Entertainment Services Group Inc.'s B- corporate credit rating remains on CreditWatch with positive implications.

S&P said it also placed the issue-level ratings on Deluxe's first- and second-lien facilities on CreditWatch with positive implications. In addition, S&P withdrew its issue-level and recovery ratings on the proposed $600 million senior secured notes.

According to the agency, Deluxe has decided not to refinance its first- and second-lien credit facilities with the $600 million notes. Instead, it is seeking to amend its credit agreements to loosen covenants, extend its revolving credit agreement's maturity and add on $25 million to its first-lien term loan.

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