S&P cuts AmeriCast

Standard & Poor's said it lowered its rating on AmeriCast Technologies Inc.'s senior unsecured notes to CCC+ from B-.

At the same time, S&P said it removed the rating from CreditWatch with negative implications where it was placed on April 3.

The downgrade resulted from AmeriCast's financing its acquisition of Atlas Castings and Technology with senior secured debt, which further disadvantages the senior unsecured notes, the agency noted.

In addition, S&P said it affirmed its B corporate credit rating on AmeriCast.

The outlook is stable.

S&P added that the ratings on AmeriCast reflect its highly leveraged financial profile due to the leveraged acquisition and the company's market position in the fragmented and highly cyclical U.S. foundry industry.

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