S&P cuts SAS

Standard & Poor's said it lowered its long-term foreign and local currency corporate credit ratings on SAS AB to B from BB-, reflecting the marked deterioration of the group's financial profile, its weakening liquidity position, and the adverse effect of recessionary business conditions in many of the group's markets.

The outlook is developing.

The agency said that the downgrade reflects that underlying market conditions have deteriorated to such an extent that the group's credit profile has weakened substantially and its available liquidity has declined.

Trading prospects remain challenging, and S&P said it does not expect material recovery in the financial profile.

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