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S&P cuts Damovo
Standard & Poor's said it lowered to D from CCC+ its long-term corporate credit rating on Damovo Group SA.
At the same time, the long-term rating on subsidiary Damovo III SA's €350 million senior secured notes was lowered to D from CCC- and the 4 recovery rating remains on CreditWatch with negative implications, where it was placed on Oct. 12.
The agency said that the downgrades follow Damovo's announcement that it will defer its €18.9 million semi-annual coupon payment due on Oct. 30 under the senior secured notes.
"Although the bond indenture includes a 30-day grace period to complete the payment, we do not have enough assurances that Damovo will be able to make the payment or that a restructure would not entail significant capital losses for noteholders," said S&P credit analyst Patrice Cochelin.
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