Credit ratings agency Standard & Poor's (S&P) has cut its outlook on PMP Ltd, as the printing and catalogue distributor faces challenging market conditions. S&P maintained its long term debt rating on PMP at BB-plus, but downgraded the ratings outlook to negative, from stable. "The outlook revision reflects our view of the increasingly challenging market conditions for the company and the Australian printing sector," S&P said in a statement on Tuesday. In February, PMP reported a first half net loss of $11.09 million, compared to a profit of $68.06 million in the previous corresponding period. S&P said the first half result reflected intense competition in the print market and PMP's vulnerability to adverse economic conditions, and warned its rating may be at risk.