Standard & Poor’s lowered its rating to C from CC on Connector 2000 Association Inc. of Greenville, S.C.’s bonds and placed the rating on CreditWatch with negative implications.

“The rating actions reflect our view that a payment default on the senior-lien bonds is expected to occur on the Jan. 1, 2010, payment date, absent a debt restructuring that management does not expect to conclude before that time,” said Standard & Poor’s credit analyst Mary Ellen Wriedt.

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