S&P Downgrades American Seafood Group, says 'ASG will have difficulty complying with financial covenants'
SEAFOODNEWS.COM by John Sackton - August 26, 2014
Standard and Poors has lowered its corporate credit rating on American Seafood Group to CCC+ from B-, and they say "the outlook is negative." According to S&P the CCC rating means it considers a company currently vulnerable, and dependent upon favorable business, financial, and economic conditions to meet its financial commitments.
S&P also lowered their issue-level rating on the company's senior secured debt to B from B+.
They also say the recovery rating is very high, meaning...
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