S&P downgrades Integrated Electrical

Standard & Poor's said it lowered Integrated Electrical Services Inc.'s corporate credit rating to D from CC and the company's senior subordinated notes to D from C following the company's decision to file for reorganization under Chapter 11 of the U.S. Bankruptcy Code.

The company said that it has successfully negotiated an $80 million debtor-in-possession financing facility, according to the agency.

S&P noted that to execute the financial restructuring through a plan of reorganization, the company must come to an agreement with institutions controlling 61% of the dollar value on its $173 million in senior subordinated notes.

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