S&P cuts Impress outlook to negative

Standard & Poor's said it revised its outlook on Impress Holdings BV to negative from stable.

The B+ long-term corporate credit rating and all issue ratings were affirmed, the agency said, noting that the outlook revision results from Impress' weaker financial position than it previously expected, which, in the context of weaker economic trends raises its concerns that financial ratios might not meet levels consistent with the rating targets within the timeframe it required.

In addition, any weakening of financial performance could make headroom under financial covenants in its loan documentation very tight, according to S&P, which said that the ratings continue to be constrained the company's highly leveraged financial risk profile; its exposure to input cost pressures; and meaningful competition in fairly mature, although largely recession-resistant markets.

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