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S&P cuts Quebecor World notes to D
Standard & Poor's said it lowered its ratings on the remainder of Quebecor World Inc.'s senior unsecured notes to D from CC.
The downgrade follows Quebecor World's announcement that its board has unanimously agreed to file for creditor protection under the Companies' Creditors Arrangement Act in Canada and under Chapter 11 of the U.S. Bankruptcy Code, the agency said.
On Jan. 16, S&P said it downgraded Quebecor World to D from CCC and lowered the ratings on the company's $400 million 9.75% senior unsecured notes due 2015 to D from CCC-, following its nonpayment of interest expense on these notes.
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