According to the definition of ratings, "Junk Bonds".

GUELPH, ON, Dec. 13, 2012 /CNW/ - Armtec Infrastructure Inc. ("Armtec"") (TSX:ARF; ARF.DB) today reported that Standard & Poor's Rating Services has announced that it has changed its long-term corporate credit rating issued for Armtec Holdings Limited, a wholly-owned subsidiary of Armtec, to "B-" from "B" outlook stable.  Standard & Poor's further announced that it has changed its issue-level rating on the 8.875% Senior Unsecured Notes, Series A due September 22, 2017 issued by Armtec Holdings Limited (the "Senior Notes") to "CCC" from "B-", and revised the recovery rating on the Senior Notes to "6" from "5".  For further information, please see the Standard & Poor's website.