S&P: Expert Global on watch

Standard & Poor's said it placed the Expert Global Solutions LLC's ratings on CreditWatch with negative implications.

This includes a credit rating of B- and the first-lien senior secured ratings of B- and second-lien senior secured ratings of CCC, S&P said.

The CreditWatch placement reflects the high likelihood that the agency could lower the ratings on the company during the covenant waiver period, which ends on June 28, 2014, S&P said.

Despite the significant deterioration in the company's cash flow and financial metrics, the agency said it is not lowering the ratings at this point because it believes there is a small chance that the company's credit profile will improve and still warrant the current rating if it can take strategic actions to improve its credit profile.

The CreditWatch placement will be resolved by the end of the two-month waiver period once more is known about whether the company will be able to renegotiate its less-restrictive financial covenants and take actions to improve its credit profile, S&P said.

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