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S&P lowers United Subcontractors
Standard & Poor's said it lowered its corporate credit and issue-level ratings on United Subcontractors Inc.
The agency said it lowered the corporate credit rating to CCC+ from B-.
The outlook is negative.
"The lower ratings reflect weaker-than-expected operating results during the quarter ended Sept. 30, as a result of the continued depressed level of new housing starts in the company's end markets," said S&P credit analyst Thomas Nadramia.
"Revenue declined almost 30% and EBITDA declined more than 50% in the latest quarter, and by 25% and by more than 30% respectively, in the 12 months ended Sept. 30."
The agency said that United Subcontractors was in compliance with covenants as of Sept. 2008 despite their weak performance, but it estimates that revenue and EBITDA could continue to decline by more than 10% in the Dec. 2008 quarter and through 2009.
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