S&P downgrades Euramax

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

The outlook is negative.

"The rating action reflects continued weak conditions in Euramax's end markets and the company's continuing to operate under a forbearance agreement with regard to its credit agreement, which suggests that a negotiated resolution remains possible," S&P analyst Dan Picciotto said in a statement.

Conditions in the construction and recreational vehicle end markets have been challenged both domestically and abroad, the agency noted.

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