S&P cuts Colt Defense debt

Standard & Poor's said it affirmed its B- corporate credit rating on Colt Defense LLC. The outlook is stable.

At the same time, the agency said it lowered the issue-level rating on the company's unsecured debt to CCC+ from B- and revised the recovery rating to 5 from 4.

"The ratings reflect our expectation that the company will be able to maintain adequate liquidity despite a more uncertain operating environment over the next two years," said S&P credit analyst Chris Mooney in a news release.

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