Article: Patten Corp. subordinated convertible debentures cut to 'CCC+' by S&P; off CreditWatch. (Standard and Poor's CreditWire)

-- S&P CREDITWIRE -- PATTEN CORP. SUBORDINATED CONVERTIBLE

DEBENTURES CUT TO 'CCC+' BY S&P; OFF WATCH

NEW YORK, Jan. 4 /PRNewswire/ -- S&P lowers its rating on Patten Corp.'s $35 million subordinated convertible debentures to triple-'C'- plus from single-'B'-minus, and removes it from CreditWatch, where it was placed on Sept. 18, 1989.

The implied senior debt rating is single-'B'.

This Stamford, Vt.-based land sales firm continues to be plagued by softness in sales in the New England real estate market. Increases in real estate sales in its Southeast and Midwest regions have not been enough to offset this decline. The ...

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