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S&P cuts Unifi
Standard & Poor's said it lowered its corporate credit and senior unsecured debt ratings on Unifi Inc. to CCC+ from B-.
The outlook is negative.
S&P said the downgrade reflects its expectation that financial results will be pressured due to continued escalating raw material costs, in particular petroleum-based chemical derivative products, which account for a significant portion of the company's cost structure.
The ratings on Unifi reflect the company's narrow business focus, the highly competitive conditions in its market and the fundamental changes in industry dynamics that have hurt its operating performance, the agency noted.
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