Add to balance / Manage account | User: | Log out |
Prospect News home > News index > List of issuers A > Headlines for American Color Graphics, Inc. > News item |
S&P drops American Color notes to D
Standard & Poor's said it lowered American Color Graphics Inc.'s 10% senior secured second-priority notes due 2010 to D from C and lowered its corporate credit rating to SD (selective default) from CC, and removed the ratings from CreditWatch, where they were placed with negative implications July 24.
The downgrades stem from the company's announcement that it received consents from a majority of its 10% noteholders to defer to March 15, 2008, the semi-annual payment of cash interest on the notes, from Dec. 15.
S&P said it considers a default to have occurred when a payment obligation is not made in accordance with the original terms even with investor agreement and when the nonpayment is a function of the borrower being under financial stress.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.