S&P changes Wajax to negative

S&P said it revised its outlook on Wajax Corp. to negative from stable and affirmed its BB+ long-term corporate credit rating and the BB issue-level rating on its C$125 million unsecured notes.

The 5 recovery rating on the notes is unchanged.

"The outlook revision reflects the risk that Wajax's revenues and EBITDA will remain weak in the next 12 to 18 months, lower than our expectations, in light of soft commodity prices and weak economic conditions in western Canada, especially Alberta and Saskatchewan," S&P credit analyst Aniki Saha-Yannopoulos said in a news release.

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