S&P lifts Yioula Glassworks, Glasstank

S&P said it raised the long-term corporate credit rating on Yioula Glassworks SA to CCC+ from CCC-, along with the ratings on its core subsidiary, Glasstank BV.

The outlook is stable.

The agency also said it raised the rating on the €185 million senior secured notes due 2019 issued by Glasstank to CCC from CC.

The upgrades follow the company's so far successful roll-over of its short-term lines while continuing to increase its revenues and reporting stable profitability in 2016, S&P said.

The company has completed the refurbishment projects at its main two production facilities and its operational performance is expected to remain stable over the next 12 months, supported by higher production volumes and some cost savings as a result of these manufacturing upgrade projects, the agency said.

But the company remains highly reliant on the banks’ willingness and ability to roll these over, especially in light of their fragile financial profiles in Greece's weak economic and operating environment, S&P added.

© 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.