S&P lowers Lecta

Standard & Poor's said it lowered its long-term corporate credit rating on Lecta SA to B+ from BB-, following a full review of the increasingly challenging forest product sector.

The outlook is stable.

S&P said it also lowered its issue rating on Lecta's €598 million senior secured floating-rate notes to B+ from BB-, adding that the recovery rating on the notes is 3.

The issue rating on the €150 million senior unsecured floating-rate notes was lowered to B- from B, S&P said.

At the same time, the B short-term corporate credit rating on Lecta was affirmed, the agency noted.

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