Standard & Poor's downgraded British shipbuilder and repairer Cammell Laird, stoking fears it will miss the first coupon payment next month on a 125 million euro high-yield bond. S&P cut the company's long-term credit rating to CC from CCC and its senior unsecured debt to "C" from CCC-minus. It said in a statement that the company's ratings would stay on review for a further downgrade. Cammell Laird hit stormy waters in January when Italian customer Costa Crociere cancelled a 51 million pound contract to refit a liner. Explaining the ratings cut, S&P also cited Cammell Laird's failure to secure aid from the UK government to clinch a $500 million contract with U.S. start-up cruise liner company Luxus.