S&P: Isolux on watch

Standard & Poor's said that it has placed its B long-term corporate credit rating on Isolux Corsan SA on Creditwatch with negative implications.

At the same time, the agency said it affirmed its B short-term corporate credit rating on the company.

Also, the agency said it has placed the B issue rating on Isolux's €850 million of senior secured notes on Creditwatch negative. The recovery rating on these notes is unchanged at 4.

S&P said that the Creditwatch placement reflects its view that Isolux's liquidity position has weakened. This takes into account Isolux's very limited headroom under its financial covenants at year-end 2014 and its forecast of higher cash needs than cash sources over the coming 12 months. its view also reflects weaker performance in 2014 than we previously assumed, resulting in lower credit ratios.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.