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People & Business :: Earnings/Finance
S&P downgrades Reichhold debt, default a possibility
July 28, 2014 | Vincent Valk
Credit ratings agency Standard and Poor’s (S&P; New York) has downgraded the credit rating of coatings and composites maker Reichhold Industries (Durham, NC), to CCC- from CCC, because of “the increasing likelihood that continued weak operating performance and negative cash flow will lead to a payment default or debt restructuring before the end of 2014,” S&P says. S&P also assigned a negative outlook to Reichhold, meaning a downgrade is more likely than an upgrade. The ratings agency believes it is “unlikely” that...
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