S&P: Peermont view to negative

Standard & Poor's said it revised to negative from stable the outlook on Peermont Global (Proprietary) Ltd.

The agency also said it affirmed the company's long-term corporate credit and senior secured debt ratings at B-.

The recovery rating on the senior secured debt is unchanged at 3, indicating 50% to 70% expected recovery in a default.

The outlook revision reflects a view that Peermont faces substantial refinancing risk due to its complex capital structure and significant debt maturity in 2014, S&P said.

Peermont's current capital structure is unsustainable and there is an increasing risk of the group undertaking credit-dilutive debt restructuring measures, the agency said.

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