S&P drops Reader's Digest

Standard & Poor's said it lowered its corporate credit rating on Reader's Digest Association Inc. to D from CCC because of the company's failure to make an interest payment due on Aug. 17 on its 9% senior subordinated notes due 2017.

At the same time, the agency said it lowered the issue-level rating on the 9% senior subordinated notes to D from CC.

In addition, the agency said it lowered the issue-level rating on the company's senior secured facility to C from CCC, adding that it is currently re-evaluating the recovery ratings on the senior subordinated notes and the senior secured facility.

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