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S&P drops Evergreen
Standard & Poor's said it lowered its corporate credit rating on Evergreen International Aviation Inc. to B- from B.
At the same time, the agency said it lowered the rating on the company's first-lien credit facility to B+ from BB- and lowered the rating on the second-lien credit facility to CCC+ from B-.
All ratings were removed from CreditWatch with negative implications, where they were placed on March 31, S&P said.
The outlook is stable.
According to the agency, the downgrades reflect the company's weaker-than-expected near-term operating outlook and its expectation that its liquidity will remain constrained despite the recent amendment of its credit facility.
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