NEW YORK-Citing liquidity and bank covenant compliance concerns Standard & Poor’s Ratings Services placed its ‘CCC’ corporate credit rating and other ratings for US Unwired Inc. on CreditWatch with negative implications and lowered the ratings on US Unwired’s IWO Holdings Inc. subsidiary, which were also placed on CreditWatch with negative implications.
S&P also noted it was “concerned about the rising likelihood of balance sheet restructurings that result in bondholders receiving less than accreted par value or bankruptcy filings.”
