NEW YORK — Standard & Poor’s here has lowered its ratings on A&P one notch to “CC” — its lowest rating above those for companies under regulatory supervision or default. The rating indicates a “highly vulnerable” company that according to S&P “may be illiquid in the near term as a result of weak performance and its considerable near-term maturities.” The ratings downgrade reflects weaker-than-expected financial results from A&P’s second quarter, which resulted in a greater ...

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