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S&P raises ADMI notes rating
S&P said it corrected the rating on ADMI Corp.'s $150 million senior unsecured notes due 2023 by raising the rating to CCC+ from CCC.
The rating is now two notches lower than corporate credit rating on ADMI, which is consistent with an unsecured debt recovery rating of 6.
The recovery rating of 6 indicates 0 to 10% expected default recovery.
The error occurred April 16 when the agency correctly indicated a senior unsecured recovery rating of 6, but erroneously notched the debt three ratings lower than the corporate credit rating to CCC rather than two notches to CCC+, S&P explained.
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