S&P lowers Propex

Standard & Poor's said it lowered its ratings on Propex Inc. by two notches, including its corporate credit rating to CCC from B-.

The ratings remain on CreditWatch with negative implications where they were placed on Oct. 8, the agency said.

According to S&P, the downgrade reflects ongoing concerns regarding the company's ability to improve its subpar financial profile.

These include operating challenges, such as weak residential construction and housing markets and concerns over negotiating relief from financial covenant violations related to its bank credit facilities, the agency added.

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