S&P lowers Euramax

Standard & Poor's said it lowered its corporate credit rating on Euramax International Inc. to D from CC.

The agency said it also lowered the issue-level ratings on Euramax's first-lien revolving credit facility and term loan, and its second-lien term loan, to D.

"The downgrade follows the company's announcement that it has negotiated an out-of-court restructuring with its lenders," said credit analyst Dan Picciotto.

S&P said that first-lien lenders have been issued new debt securities in two tranches.

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