S&P cuts TLC Vision

Standard & Poor's said it lowered the corporate credit rating on TLC Vision Corp. to B- from B and on TLC Vision (USA) Corp.'s senior secured debt to B- from B with the recovery rating at 3.

The outlook remains negative.

S&P said the downgrades reflect the effects of a steep decline in Lasik revenue resulting from a weak U.S. economy and tightening of discretionary consumer spending.

The agency said the rating reflects the company's concentration in laser vision correction and lack of geographic diversity.

These risks are partly offset by diversity in its other eye care services that are covered by medical insurance, S&P noted.

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