U.S.-based American Rock Salt Co. LLC's fiscal 2012 revenues and EBITDA have deteriorated following an unseasonably warm winter in the company's end markets, resulting in weak demand for deicing salt. We are lowering the corporate credit rating on the company to 'B-' from 'B' and lowering our issue-level ratings on the debt. We are also removing the ratings from CreditWatch negative. The negative rating outlook reflects our view of the company's thin liquidity and the possibility that it may trigger financial covenants if it is unable to amend its credit facilities or secure additional sources of liquidity. On April 27, 2012, Standard&Poor's Ratings Services lowered its corporate credit rating on Mount Morris, N.Y.-based American Rock Salt Co. LLC
