S&P lowers Akerys

Standard & Poor's said it lowered its long-term corporate credit rating on Akerys Holdings SA to B from B+.

The outlook is stable.

At the same time, S&P said it lowered the issue rating on Akerys' €300 million senior secured floating-rate notes due 2014 to B- from B, adding that the recovery rating of 5 on these notes remains unchanged.

All the ratings were removed from CreditWatch with negative implications, where they had been placed on June 5, the agency said.

S&P noted that the downgrade and CreditWatch resolution reflect its expectation that continued deterioration of market conditions in the coming quarters will prevent Akerys from improving its current weak operating performance and credit metrics.

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