{"id":1129,"date":"2007-08-30T13:19:22","date_gmt":"2007-08-30T17:19:22","guid":{"rendered":"http:\/\/www.prefblog.com\/?p=1129"},"modified":"2007-08-30T13:19:22","modified_gmt":"2007-08-30T17:19:22","slug":"iqwprc-iqwprd-downgraded-by-dbrs-2","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=1129","title":{"rendered":"IQW.PR.C \/ IQW.PR.D Downgraded by DBRS"},"content":{"rendered":"

DBRS<\/a> has announced that it:<\/p>\n

has today downgraded the long-term debt ratings of Quebecor World Inc. (Quebecor World or the Company) to B (high) from BB, and downgraded the preferred share rating to Pfd-5 (high) from Pfd-4. The trend on all ratings is Negative. Commensurate with the ratings downgrade, the ratings have been removed from Under Review with Negative Implications.<\/p><\/blockquote>\n

These issues were put on Review-Negative<\/a> on August 14, 2007. They were downgraded from Pfd-4(high)<\/a> on August 9, 2006.<\/p>\n

It ain’t because of sub-prime, at least not directly:<\/p>\n

DBRS had placed the ratings of Quebecor World Under Review with Negative Implications on August 14, 2007, as a result of concerns over the Company\u2019s near-term liquidity, the uncertainty in terms of the outcome of negotiations regarding the Company\u2019s bank agreements and the Company\u2019s strategic review of its European printing operations. (Please see separate DBRS press release dated August 14, 2007.)<\/p>\n

The downgrade reflects DBRS\u2019s heightened concern over the Company\u2019s near-term financial health which has been materially impacted by liquidity constraints and increased pressure on existing financial covenants.<\/p>\n

Quebecor World\u2019s liquidity continues to be adversely impacted by declining EBITDA and cash flow from operations, and could be further constrained should the Company violate debt covenants which could result in early debt redemption. Additionally, DBRS notes the Company\u2019s near-term liquidity issues could be further impacted by restricted access to financing as a result of current capital market conditions.<\/p><\/blockquote>\n

S&P<\/a> downgraded these issues to P-5(Watch Negative) from P-5(high)(Watch Negative) on August 28, 2007.<\/p>\n","protected":false},"excerpt":{"rendered":"

DBRS has announced that it: has today downgraded the long-term debt ratings of Quebecor World Inc. (Quebecor World or the Company) to B (high) from BB, and downgraded the preferred share rating to Pfd-5 (high) …<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[13],"tags":[],"class_list":["post-1129","post","type-post","status-publish","format-standard","hentry","category-issue-comments"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/1129","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=1129"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/1129\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=1129"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=1129"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=1129"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}