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S&P downgrades UCI Holdings
S&P said it lowered the corporate credit rating on UCI Holdings Ltd. to D (default) from SD (selective default).
The rating on the company's senior unsecured debt is unchanged at D.
UCI Holdings recently announced that it filed voluntary petitions under Ch. 11 of the U.S. bankruptcy code, the agency said.
In March, the company failed to make a required interest payment within the 30-day grace period on its 8 5/8% senior unsecured notes.
After 30 days, the agency said it will likely discontinue the D rating.
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