S&P affirms Logwin

Standard & Poor's said it affirmed the B long-term corporate credit and B- subordinated debt ratings on Logwin AG. The ratings were removed from CreditWatch, where they were placed with positive implications in November.

The outlook is stable.

The recovery rating on the subordinated notes is unchanged at 5, indicating 10% to 30% recovery in a default.

The affirmation reflects Logwin's small base of operating profits, which provides limited downside protection and renders the company susceptible to adverse market conditions, S&P said.

The continued recovery of the global economy and associated trading volumes will enable Logwin to maintain its current level of operating profits over the near term, the agency said.

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