S&P cuts Falcon Products ratings

Standard & Poor's said it lowered its corporate credit rating on furniture manufacturer Falcon Products Inc. to CCC from B- and lowered its subordinated debt rating on the company to CC from CCC.

The outlook is negative.

S&P said the downgrade on Falcon Products reflects the lower-than-expected profitability resulting from the continued softness within the furniture segments the company serves, as well as the company's breach of certain bank covenants.

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