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S&P downgrades AmeriQual
Standard & Poor's said it lowered its ratings on AmeriQual Group LLC, including the corporate credit rating, to B from B+.
The outlook is negative.
The agency said the downgrade reflects declining earnings and deteriorating credit protection measures resulting from lower military sales. Revenues declined 20% in the first nine months of 2007 because of lower demand for "Meal, Ready-to-Eat" (MREs) and aPacks, and the debt-to-EBITDA ratio has increased to more than 7 times from 3.5 times.
The ratings on AmeriQual reflect its very weak credit protection measures, limited product diversity and modest revenue base, offset somewhat by its position as a leading provider of field rations to the U.S. military, S&P said.
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