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S&P downgrades UCI Holdings
Standard & Poor’s said it lowered the corporate credit rating on UCI Holdings Ltd. to SD (selective default) from CCC.
The agency also said it lowered the rating on the company’s senior unsecured debt to D from CCC-.
UCI Holdings recently announced that it entered into a forbearance agreement with the holders of more than 80% of its 8 5/8% senior unsecured notes after the company’s failure to make a required interest payment on the notes due Feb. 16, S&P said.
Consequently, the agency said it lowered the corporate credit rating on the company to SD and lowered the rating on the company’s senior unsecured debt to D.
The company is still in talks with its noteholders, S&P said.
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