S&P cuts IMAX

Standard & Poor's said it lowered its corporate credit and senior unsecured debt ratings on IMAX Corp. to CCC+ from B-.

The ratings remain on CreditWatch, with implications revised to developing from negative, to indicate possible upward or downward movement of the ratings, the agency noted.

The ratings were originally placed on CreditWatch with negative implications on April 2, S&P said, adding that the rating and CreditWatch actions followed the issuance of a notice of defaults with respect to IMAX's $160 million 9.625% convertible senior notes due 2010.

The notice relates to the company's failure to file its SEC Form 10-K for 2006 and Form 10-Q for the first quarter of 2007, S&P said, adding that it believes that these financial risks have the potential to lead to an eventual payment default.

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