TEXT-S&P cut Tensar Corp rating to 'SD', first-lien rating to 'D'

-- We understand that TCO Funding Corp., an entity formed by U.S.-based
Tensar Corp. to comply with Islamic Shari'ah financing rules, has not made a
quarterly amortization payment on its first-lien term loan.
-- We view the missed principal payment as a payment default under our
criteria.
-- We are lowering the corporate credit rating on Tensar Corp. to 'SD'
(selective default) and the rating on TCO Funding Corp.'s first-lien term loan
to 'D' (default).
-- We also removed the corporate credit rating on Tensar Corp. and the
issue-level rating on TCO Funding Corp.'s first-lien term loan from
CreditWatch developing.

Standard & Poor's Ratings Services said today that it lowered its long-term
corporate credit rating on Alpharetta, Ga.-based Tensar Corp. to 'SD'
from 'CCC'. We also lowered the issue-level rating on TCO Funding Corp.'s
first-lien term loan to 'D' from 'B-.' At the same time, we removed the
corporate credit rating on Tensar Corp. and the issue-level rating on TCO
Funding Corp.'s first-lien term loan from CreditWatch, where they were placed
with developing implications on Oct. 11, 2011.

The rating actions follow our understanding that TCO Funding Corp., an entity
formed to comply with Islamic Shari'ah financing rules, did not make its
recently due quarterly amortization payment on its first-lien term loan.

As a result, we lowered the corporate credit rating on Tensar Corp. to 'SD'
because it is our understanding that TCO Funding Corp. has paid interest on
its term loan, as well as interest and principal on other issues. In
accordance with our criteria, we lowered the issue-level rating on the term
loan to 'D', since we view a principal payment as unlikely within a five-day
grace period.

Tensar Corp. announced in October that it was seeking to raise $300 million in
senior secured credit facilities to refinance its existing debt. Should Tensar
complete its refinancing, we will reassess its credit quality and assign new
ratings reflecting our view of the company's operating prospects, capital
structure, and liquidity position. Alternatively, we could lower the corporate
credit rating to 'D' from 'SD' if TCO Funding Corp. stops making future
interest and principal payments, or if the company files for bankruptcy.

RELATED CRITERIA AND RESEARCH
-- Liquidity Descriptors For Global Corporate Issuers, Sept. 28, 2011
-- Timeliness of Payments: Grace Periods, Guarantees, And Use Of 'D' And
'SD' Ratings, Dec. 23, 2010
-- 2008 Corporate Criteria: Analytical Methodology, April 15, 2008

Complete ratings information is available to subscribers of RatingsDirect on
the Global Credit Portal at www.globalcreditportal.com. All ratings referenced
herein can be found on Standard & Poor's public Web site at
www.standardandpoors.com. Use the Ratings search box located in the left
column.

Primary Credit Analyst: Megan Johnston, New York (1) 212-438-7257;
megan_johnston@standardandpoors.com
Secondary Credit Analyst: Thomas Nadramia, New York (1) 212-438-3944;
thomas_nadramia@standardandpoors.com