S&P cuts UTGR

Standard & Poor's said it lowered its ratings on UTGR Inc., including the corporate credit rating, which was lowered to CCC- from B-.

The ratings remain on CreditWatch, where they were placed March 4 with negative implications, the agency said, adding that the downgrade reflects its ongoing concerns about a potential bankruptcy filing as the company reportedly continues to negotiate a forbearance agreement with its lenders.

While S&P said it believes that incentives exist for the company and its lenders to reach an extended agreement, the new ratings better reflect the near-term risk factors for a potential bankruptcy filing if the parties are not able to come to an agreement.

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