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S&P cuts RathGibson to D
Standard & Poor's said it lowered the ratings on RathGibson Inc. to D from CC as a result of the company's filing for Chapter 11 bankruptcy protection.
The agency said it also lowered the senior unsecured rating to D from C.
The ratings on RathGibson reflect the company's filing for Chapter 11 protection on July 13, the agency said.
"The company is seeking an $80 million debtor-in-possession financing facility," said S&P credit analyst Sarah Wyeth. "Pending further information from the bankruptcy proceedings, the recovery ratings remain unchanged."
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