S&P cuts Altegrity to CCC-, loans to CCC, notes to C

Standard & Poor's said it lowered the corporate credit rating on Altegrity Inc. to CCC- from CCC+.

The outlook is negative.

At the same time, the agency lowered the issue ratings on the company's senior secured credit facilities to CCC from B-, one notch above the corporate credit rating. The recovery ratings remain 2, which indicate an expectation for substantial recovery (70% to 90%) for senior secured creditors in the event of a payment default or bankruptcy.

S&P also lowered the issue ratings on the company's $210 million senior unsecured notes due 2015, $290 million senior unsecured notes due 2015 and $150 million senior subordinated notes due 2016 to C from CCC-, two notches below the corporate credit rating. The recovery ratings remain 6, which indicate an expectation for negligible recovery (0% to 10%) for unsecured creditors in the event of a payment default or bankruptcy.

"The downgrade reflects our assessment that a debt restructuring appears inevitable within six months, absent unanticipated significantly favorable changes in the company's circumstances," S&P credit analyst said in a news release.

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