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  • S&P lowers Headwater's converts to D from CCCPosted:31/07/2009 20:35 GMT by NeedToKnowNews
    Standard & Poor's Ratings Services today lowered its issue-level rating on South Jordan, Utah-based Headwaters Inc.'s 2.875% convertible subordinated notes due 2016 to 'D' from 'CCC', and removed the rating from CreditWatch. The rating was originally placed on CreditWatch with negative implications on July 28, 2009; the CreditWatch status was revised to developing on July 30. The recovery rating remains '5' and is subject to review pending the successful completion of the company's proposed asset-based lending (ABL) facility.
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