S&P: NIS still on watch

Standard & Poor's said the BB- long-term counterparty credit rating and long-term senior unsecured debt rating on NIS Group Co. Ltd. remain on CreditWatch with negative implications, where they were placed on Oct. 3.

S&P said the company's recently announced capital and business alliance with TPG Capital LP will likely have a positive effect on NIS Group's credit quality. The agency said it would reassess the ratings, however, after continued monitoring of the business environment because the impact of the deal on the company's financing and future business plans have not yet been clarified.

Ratings were lowered and placed on watch due to increasing concerns over the credit quality of the finance industry as a whole and the resultant heightening of precautionary measures by financial institutions, the agency said.

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