S&P keeps Abbot Group on watch

Standard & Poor's said it is keeping the B- long-term corporate credit ratings on Abbot Group Ltd. and related company Turbo Alpha Ltd. on CreditWatch, where they were placed with negative implications on Nov. 16, 2009. The recovery ratings of 3 on Turbo Alpha's senior secured bank facilities are unchanged.

"The continuing CreditWatch placement reflects our understanding that, following bank meetings on May 17, negotiations between the group, shareholders and lenders to amend covenants appear well advanced ahead of an expected covenant breach at the end of the second quarter of 2010," S&P analyst Paul Watters said in a statement.

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