S&P downgrades Lecta

S&P said it downgraded its long-term issuer credit rating and issue-level ratings on Lecta SA's €375 million 6½% senior secured notes to D (default) from SD. The issue rating on the €225 million senior secured notes remains unchanged at D.

Lecta announced it completed the restructuring of its debt via a U.K. scheme of arrangement. As part of the company's reorganization, it is writing off a material portion of its senior secured notes. Lecta is being taken over a new legal entity (Lecta Topco) owned by the senior secured noteholders.

S&P said it is subsequently withdrawing its Lecta ratings.

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