S&P Slaps Integra Telecom for a Second Time

We’re feeling some sympathy for CLEC Integra Telecom, which once again is facing some pretty harsh downgrades from ratings firm Standard & Poor’s.

S&P lowered Integra’s corporate credit and issue-level ratings by two levels on Tuesday, citing the bad economy, an uncertain regulatory environment and, most of all, Integra’s $1.2 billion of total funded debt outstanding.

The firm also predicted Integra will engage in distressed debt exchanges, as many other companies have done in this seemingly unending recession.

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