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S&P cuts CCS Medical to D
Standard & Poor's said it lowered the corporate credit rating on CCS Medical, Inc. to D from CCC, its senior secured facilities to D from CCC+ and its second-lien term loan to D from CC.
The actions follow the company's election to file petitions for Chapter 11 bankruptch in the U.S. Bankruptcy Court for the District of Delaware through a prearranged plan. The company's first-lien and second-lien recovery ratings are 2 and 6, respectively.
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