S&P cuts NIS Group

Standard & Poor's said it lowered its long-term counterparty credit rating and long-term senior unsecured debt rating on NIS Group Co. Ltd. by two notches to BB- and placed the ratings on CreditWatch with negative implications.

The possible downgrade reflects worsening operating conditions and their negative impact on the company's funding flexibility, according to the agency.

The rating actions reflect growing concerns over NIS Group's financial stability due to the cautious stance many financial institutions are taking with respect to credit lines extended to the finance industry, S&P said.

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