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S&P Slashes Cinram’s Credit Rating

Standard & Poor’s Ratings Services announced that it has lowered its long-term corporate credit rating of Cinram International Inc. three levels from ‘CCC+’ to ‘CC.’ Additionally, Standard & Poor’s has lowered its issue-level rating on Cinram’s senior secured debt to ‘CC’ from ‘CCC+’ (recovery rating remains at ’4′) and placed all Cinram ratings on CreditWatch with negative implications.

According to the statement, these moves “follow the announcement of Cinram’s refinancing and recapitalization plan for its credit facilities due May 2011, completion of which Standard & Poor’s would view as tantamount to a default.”

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