S&P cuts Collins & Aikman debt deeper into junk

Newswire

NEW YORK, March 30 (Reuters) - Standard & Poor's on Wednesday cut the debt ratings of Collins & Aikman Corp. further into junk status with a negative outlook, citing poor cash flow and high debt levels. S&P cut the auto supplier's corporate credit rating by two notches to "CCC-plus," which implies a highly speculative credit, from "B," among other ratings. S&P also cited the company's "constrained liquidity" stemming from accounting problems and problems of the auto ...

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