S&P cuts SNC-Lavalin Group ratings to BBB, outlook negative

Wed May 22, 2013 5:21pm EDT
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May 22 (Reuters) - Standard & Poor's Ratings Services on Wednesday cut its long-term corporate credit and senior unsecured ratings on SNC-Lavalin Group Inc to BBB from BBB-plus.

The outlook is negative.

S&P said the downgrade reflects its expectation of "weakened profitability as high administrative costs resulting from the company's recent ethics issues will continue to affect margins."