S&P rates FastenTech loan BB-

Standard & Poor's said it revised its outlook on FastenTech Inc. to negative from stable to reflect FastenTech's more aggressive financial policy, specifically the significant increase in its number of debt-financed acquisitions. All the other ratings on FastenTech are affirmed.

S&P also assigned its BB- senior secured bank loan rating to FastenTech's amended and restated $175 million credit facility due May 2010 and assigned a recovery rating of 1.

The ratings on FastenTech reflect its weak business position serving competitive and cyclical industrial markets and its aggressive financial profile, the agency said. The company holds leading market positions in the niche segment of specialty fasteners and it has a diverse array of customers and end markets, though there is some concentration within these.

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