S&P cuts Lecta to SD

S&P said it downgraded Lecta SA to SD from CC after it missed a Nov. 4 interest payment on its €225 million secured floating rate notes due 2022.

The agency also dropped the rating on the notes to D from CC. The recovery rating of 4 is unchanged.

S&P affirmed its CC rating and 4 recovery rating on the €375 million senior secured 6½% notes due 2023.

Lecta is seeking to restructure its debt obligations under a U.K. scheme of arrangement. The meeting for creditor voting is expected on Jan. 23.

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