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S&P drops Atrium, on developing watch
Standard & Poor's said it lowered its ratings on Atrium Cos. Inc., including the senior secured debt to CCC+ and B, and its parent, Atrium Corp, including its senior unsecured debt to CCC- from CCC+.
The corporate credit rating on both entities was lowered to CCC+ from B.
In addition, S&P said it revised the CreditWatch implications to developing. The companies were placed on CreditWatch on June 2 with negative implications.
The rating actions follow Atrium's announcement that it has received a notice of default from the trustee of its $174 million senior discount notes related to the company's failure to deliver 2004 audited financial statements and first-quarter 2005 unaudited financial statements, the agency said.
Atrium expects that it will seek a waiver for the delayed financial statements from its bondholders; however, S&P said it is concerned that the failure to obtain a waiver could lead to an acceleration of the notes and a payment default.
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