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S&P cuts Avondale Mills subordinated debt to CCC-
Standard & Poor's said it lowered its corporate credit rating on Avondale Mills Inc. to CCC+ from B-.
At the same time, the subordinated debt rating on the company was lowered to CCC- from CCC. The outlook is negative.
S&P said the downgrade reflects the company's continued weak operating results and its significant decline in credit protection measures from historical levels.
S&P said it also continues to be concerned about challenging industry conditions and Avondale Mills' ability to continue adjusting its operating model in response to the current environment.
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