S&P cuts Accuride

Standard & Poor's said it has lowered its corporate credit rating on Accuride Corp. to D from CCC and lowered the issue-level rating on the company's senior subordinated debt to D from CC.

At the same time, the agency said it lowered the issue-level ratings on the company's senior secured revolving credit facility and first-out term loan to CC from B-.

The agency added that it also lowered the issue-level rating on the company's second-out term loan to C from CC

The recovery ratings on the senior secured revolving credit facility and first-out term loan remain at 1, indicating its expectation that lenders would receive very high recovery in the event of a payment default, S&P said, noting that the recovery ratings on the second-out term loan and subordinated notes remain at 6.

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