S&P downgrades Logwin

Standard & Poor's said it lowered the long-term corporate credit rating on Logwin AG to B- from B and the group's €130 million subordinated notes to CCC+ from B- with 5 recovery rating.

The outlook is stable.

"The downgrade reflects a steady weakening of Logwin's trading performance over the past 12 months, which has constrained its cash flow generation and sharply increased adjusted debt leverage," S&P analyst Leigh Bailey said in a statement.

In the 12 months ended Sept. 30, adjusted debt-to-EBITDA ratio rose to 10.0x from 5.8x at the end of 2008.

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