S&P cuts Securus

Standard & Poor's said it lowered Securus Technologies Inc.'s corporate credit rating to B from B+.

The ratings remain on CreditWatch, where they were placed with negative implications on Sept. 27.

S&P said the downgrade reflects heightened concern about the company's liquidity. Securus disclosed in its third-quarter 10-Q report that it was not in compliance with the minimum interest coverage ratio required under its revolving credit facility and had obtained waivers through Sept. 30.

To remedy future potential defaults, the company obtained an equity commitment from HIG for up to $10 million, which will be considered an add-back under the financial covenants, S&P said.

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