S&P lowers Atlantis Plastics

Standard & Poor's said it downgraded Atlantis Plastics Inc., including its corporate credit rating to CCC- from CCC+, and kept all rating on CreditWatch with negative implications, where they were placed on Aug. 1 following the company's announcement that it is in default of some financial covenants under its secured credit facility.

The company continues to work with its lenders to obtain a waiver and amendments to the credit facility.

The agency said the downgrade reflects its heightened concerns regarding Atlantis Plastics' negotiations with its lenders, given current difficult credit market and industry conditions. S&P warned it could lower the ratings in the very near term if appropriate amendments are not put in place or if operations or liquidity deteriorate further.

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