Iconic American guitar manufacturer Gibson is facing some financial blues. Standard & Poor’s downgraded Gibson Brands on Wednesday over concerns that it might default on more than $500 million in corporate debt this summer. S&P lowered its rating for Gibson to CCC-minus, from the already very low rating of CCC. S&P says a CCC-minus rating indicates that a default is imminent. The rating agency said that Gibson continues to deal with the “lingering effects” of regulations on imports and exports on rosewood, a critical component in many guitars. Rosewood regulations slowed down the guitar industry as a whole last year, according to IbisWorld, which tracks the guitar industry. Moody’s issued … Continue reading KIMT