Moody's cuts Global Liman

Moody's Investors Service said it downgraded the long-term corporate family rating of Global Liman Isletmeleri AS to Caa2 from Caa1 and the probability of default rating to Ca-PD from Caa1-PD.

Concurrently, Moody's lowered the Global Liman’s $250 million of guaranteed senior unsecured notes due in November to Caa3 from Caa2.

“Today's rating action reflects the growing risks to Global Liman's capital structure. These increasing risks are evidenced, in Moody's view, by the company's new tender offer, which came after a proposed scheme of arrangement was withdrawn. The downgrade takes into account the company's weak liquidity and the significant refinancing risk associated with the $250 million bond due November 2021, coupled with the potential for a moderate loss for the bondholders as the company seeks to address its debt maturities,” the agency said in a press release.

The outlook remains negative.

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