S&P cuts Sazka, bonds

Standard & Poor's said that it lowered Sazka AS's long-term corporate credit to CC from CCC+. The rating remains on CreditWatch where it was placed Nov. 25, but the implications have been revised to negative from developing.

S&P said it also lowered the issue rating on the $215 million 9% secured amortizing bonds due 2021 to CC from CCC+.

The issue rating downgrade follows the notice issued to bondholders on Thursday advising that Sazka may only be able to make a partial repayment of principal and interest due on Jan. 12, S&P said.

The downgrade further reflects the requirement for the company to reach an agreement with four of its senior creditors to obtain a roll-over of short-term loans coming to maturity in the last two weeks of the month of December and the likelihood of near-term default if a creditor refuses a further extension of the loans, the agency said.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.