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S&P drops Wilton to CCC+
Standard & Poor's said it lowered Wilton Products Inc.'s corporate credit rating to CCC+ from B- and removed the ratings from CreditWatch with negative implications, where they were placed on March 24.
The outlook is developing.
"The downgrade reflects our belief that Wilton will face significant challenges to meet its first-quarter 2009 bank financial covenants, because its covenant tightened, which follows a covenant step-down in the fourth-quarter 2008," S&P analyst Jean C. Stout said in a statement.
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