S&P downgrades Bluegreen

Standard & Poor's said it lowered its rating on Bluegreen Corp. to CCC from B and removed the rating from CreditWatch, where it was placed with negative implications on Nov. 3.

The outlook is negative.

The agency said the downgrade reflects its concerns around the company's liquidity position and its ability to generate sufficient cash to meet obligations in the near-to-intermediate term.

Management has announced a plan to wind down operations to conserve cash and meet obligations in 2009, but S&P believes that there are risks to the execution of this plan in the current environment.

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