S&P cuts Ontex

Standard & Poor's said it lowered to B from B+ its long-term corporate credit rating on Ontex IV SA.

At the same time, the agency said it lowered the issue rating on Ontex's senior secured notes due 2018 to B from B+ and lowered the issue rating on its senior unsecured notes due 2019 to CCC+ from B-.

The agency said the downgrade reflects S&P's view that Ontex continues to face a number of downside risks, which the agency believes will constrain a significant improvement in its profitability and cash generation over the medium term.

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