S&P downgrades Schahin II

Standard & Poor’s said it lowered the issue-level rating on Schahin II Finance Co. Ltd.’s senior secured notes to D from CC.

The agency said it then withdrew the rating, reflecting the project’s failure to provide timely and sufficient information.

The downgrade reflects the project’s failure to make the Sept. 25 interest and principal payments on the notes, S&P said.

The agency said it does not expect the project to make the payment during its grace period and a default will be a general default.

The indenture trustee also announced that a majority controlling party has been formed and specifically requested that the project not make such payments pursuant to the preservation of the collateral value, S&P said.

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