S&P downgrades Oberthur

Standard & Poor's said it lowered the long-term corporate credit rating on Oberthur Technologies Holding SAS to B- from B, along with its senior secured debt to B- from B.

The recovery rating is 3, reflecting 50% to 70% expected default recovery.

The outlook is negative.

The actions reflect the group's weaker-than-expected performance in 2012 and the subsequent revision of cash flow and leverage assumptions for 2013, S&P said.

Oberthur's business risk profile is considered fair and its financial risk profile is highly leveraged, the agency said.

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