Focus Wickes, the UK do-it-yourself group majority-owned by private equity firms, has had its credit rating downgraded by Standard & Poor's, the ratings agency, due to "limited leeway" in its debt covenants and slow pace of debt repayment.

S&P said Focus Wickes, which failed two years ago to complete a planned stock market flotation, was in danger of testing its senior debt covenants "over the next two quarters".