S&P cuts Euramax to CCC+

Standard & Poor's said it lowered Euramax International Inc.'s long-term corporate credit rating to CCC+ from B-.

The outlook is negative.

S&P said the action reflects the company's heightened risk of a covenant violation in the near term given the weaker economic environment and stepdowns in covenant levels.

Ratings reflect highly leveraged financial risk profile and weak business risk profile, fair geographic diversity and limited maintenance capital expenditure requirements, the agency said.

As of June 27, adjusted debt-to-EBITDA ratio approached 10x.

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