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S&P cuts True Temper
Standard & Poor's said it lowered the corporate credit rating on True Temper Sports Inc. to D from CCC.
The agency also lowered the company's $110 million senior secured revolving credit facility to D from B- and its $125 million 8 3/8% senior subordinated notes due 2011 to D from CC. The recovery rating on the bank facility is 1 and the recovery rating on the subordinated notes is 6.
The downgrades are based on the company's failure to pay its March 16 principal payment of $20 million due on the revolving credit facility, according to the agency.
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