S&P lowers Lupatech

Standard & Poor's said it lowered its global corporate credit rating on Lupatech SA to SD from B- and its national scale rating to SD from brBB.

At the same time the agency said it affirmed the CCC issue rating on Lupatech Finance Ltd.'s guaranteed perpetual bonds.

S&P said the downgrade of the ratings to SD follows the company's postponement of the annual interest payment on its second private issuance of convertible debentures due last April 15. Even though the indenture of the notes gives the company 30 days to remedy the non-payment, S&P said it views this incident as a default if payments are not settled within five business days.

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