S&P lowers Global Automotive Logistics

Standard & Poor's said it lowered its long-term corporate credit rating on Global Automotive Logistics SAS (GAL) to D from B-, owing to the company's filing for safeguard procedure.

At the same time, the rating on related entity GAL Finance SA's €100 million subordinated notes was lowered to D from CCC, the agency said.

Although the company has so far not missed any interest or principal payments, S&P said it considers a filing for a safeguard procedure as tantamount to a default.

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