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S&P lowers Elli Investments
S&P said it lowered its long-term corporate credit rating on Elli Investments Ltd. to SD from CC.
At the same time, S&P lowered its issue rating on Elli's £350 million senior secured notes due in 2019 to D from CC. The recovery rating remains 3, indicating an expectation of 50% recovery prospects in the event of a payment default.
In addition, S&P lowered its issue rating on Elli's £175 million senior unsecured notes due in 2020 to D from C. The recovery rating remains 6, indicating an expectation of recovery prospects of 0%-10% in the event of a payment default.
The downgrade follows Elli's missed payment of coupons due on Dec. 15 on two outstanding senior note issues.
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