S&P cuts Euramax

Standard & Poor's said it lowered its ratings on Euramax International Inc., including its corporate credit rating to B from B+.

At the same time, S&P said it affirmed its recovery rating of 2 for the first-lien facilities including the proposed $27 million add-on to be issued by the company in conjunction with the acquisition of Jenisys Engineered Products.

The company's second-lien term loan recovery rating was lowered to 5 from 4, the agency said. The outlook is stable.

S&P noted that the downgrade reflects a weakening of the company's credit metrics during the past few quarters and the expectation that aggressive financial policies will limit the improvement in leverage expected at the prior rating.

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