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S&P lowers Advanstar’s corporate credit rating

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New York—Advanstar Communications, which produces the MAGIC apparel trade shows, had its corporate credit rating lowered Monday to “CCC” from “B-” by Standard & Poor’s Rating Services.

The ratings service said in its announcement that Advanstar’s outlook is negative.

“The rating actions reflect Advanstar’s weak operating performance, thin interest coverage and modest liquidity,” Standard & Poor’s credit analyst Tulip Lim said in a statement. Standard & Poor’s also said the weak economy has reduced ad pages in the company’s magazines and square footage sold at MAGIC events.

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