S&P drops TK Aluminum

Standard & Poor's said it lowered its long-term corporate credit rating to CCC- from CCC+ on TK Aluminum Ltd.

The rating remains on CreditWatch with developing implications, where it was placed on Nov. 6, S&P said.

The downgrade follows the company's announcement that it may not be in compliance with the financial covenants on its senior and second-lien credit facilities at Dec. 31, the agency noted.

TKA is actively negotiating to increase its near-term liquidity sources, S&P said.

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