S&P: Central Parking on watch

Standard & Poor's said it placed its ratings on Central Parking Corp., including the company's B+ corporate credit rating, BB- senior secured bank loan rating and CCC+ preferred stock rating, on CreditWatch negative.

S&P said the CreditWatch placement follows Central Parking's March 15 announcement that it had engaged Morgan Stanley to assist in pursuing various strategic alternatives, including the possible sale or recapitalization of the company.

S&P said it continues to believe that the company will likely remain highly leveraged and that a potential sale or recapitalization transaction could result in a weaker financial profile for the company.

The CreditWatch placement also reflects S&P's concern over recent management turnover following the resignation of Mark Shapiro, the company's Chief Financial Officer.

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