S&P slices Signa Development

S&P said it lowered its ratings on Signa Development Selection AG and its unsecured debt to CCC from B-. The debt recovery rating remains 4.

“The downgrade of SDS reflects the company´s recently announced business operation challenges, including liquidity constraints, and our view that they will result in an unsustainable capital structure. We understand that SDS is in the process of appointing advisors and legal experts that can advise the company and Signa Group's other entities on the current financial and liquidity challenges,” S&P said in a press release.

The agency noted SDS’ debt has been trading at about 30 cents on the euro since Nov. 1 when the company posted its first-half of 2023 results.

The outlook is negative.

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