S&P: Reynolds & Reynolds remains on watch

Standard & Poor's said it left its ratings on Reynolds & Reynolds Co. on CreditWatch, where they were placed with negative implications on Dec. 16, following the delay in filing its 10-K for the fiscal year ended Sept. 30 and 10-Q for the quarter ending Dec. 31.

The agency added that the company was notified by the bond trustee that an event of default would take place under its indenture agreement if it fails to file its delayed reports by May 25.

However, the company said it intends to eliminate this possible event by depositing sufficient funds in a trust to pay and discharge all remaining payments of principal and interest under the notes prior to May 25, the agency said.

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