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S&P cuts Gerling Finance Alpha to D
Standard & Poor's downgraded Gerling Global Finance Alpha BV's the €220
million subordinated notes to D from C and cut Gerling-Konzern Globale Rückversicherungs-AG's counterparty credit rating to SD from BB.
S&P said the actions are in response to Gerling Global Finance Alpha's decision to defer the annual interest payment on its subordinated notes due Aug. 16.
Although the deferral of interest does not constitute an act of default under the terms and conditions governing the notes themselves, this action represents a constructive default under S&P's rating criteria.
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