S&P downgrades Keane

Standard & Poor's said it lowered Keane International Inc.'s corporate credit rating to B from BB-.

The outlook is negative.

S&P said the downgrade reflects expectation that Keane's near-term performance will be notably weaker than anticipated due to ongoing integration issues, exacerbated by currently challenging industry conditions.

The rating reflects Keane's second-tier presence in a highly competitive and consolidating industry, ongoing integration risk and high debt leverage, according to the agency. As of March 31, leverage was about mid-6 times.

These factors are partially offset by a solid presence in its mid-market niche, S&P noted.

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