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S&P downgrades ATI
Standard & Poor's said it lowered the corporate credit rating on ATI Acquisition Co. to CCC- from CCC.
The outlook is negative.
The agency also said it revised the recovery rating on the company's senior secured credit facilities to 6, indicating 0% to 10% expected recovery in a default, from 3. The rating on this debt was downgraded to CC from CCC-.
The agency also said it affirmed the rating on the company's subordinated debt at CC. The recovery rating on this debt remains unchanged at 6.
The downgrade reflects the effect of increased regulation and revised business practices on the company's operating performance, S&P said, and its limited liquidity.
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