S&P downgrades InSight

Standard & Poor's said it lowered the corporate credit rating on InSight Health Services Corp. to CCC from B-.

The outlook is negative.

"This action reflects our opinion that, despite adequate near-term liquidity, the company has not gained sufficient momentum to position itself for a successful refinancing of its floating-rate notes, which mature in November 2011," S&P analyst Cheryl E. Richer said in a statement.

"While this may, in part, be explained by seasonal weakness, as well as the extended holiday weekends, the recession may have contributed to the poor results," Richer said.

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