S&P: GP Investments view to negative

Standard & Poor’s said it revised the outlook on the BB long-term issuer credit rating on GP Investments Ltd. to negative from stable.

The agency also said it affirmed the BB rating on the company’s perpetual bonds with a recovery rating of 3, indicating 50% to 70% expected default recovery.

The outlook revision follows the downgrade of Brazil’s sovereign ratings, S&P said.

Even though GP Investments is domiciled in Bermuda and shows some diversification, the agency said its operations are largely focused on the Brazilian market and cyclical industries.

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