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S&P lowers STI Infrastructure
S&P said it lowered its corporate credit rating on STI Infrastructure Sarl to CCC from CCC+.
The outlook is negative.
At the same time, the agency lowered its issue-level rating on the company's term loan to CCC from CCC+. The 3 recovery rating remains, indicating an expectation for meaningful recovery (50-70%; rounded estimate: 60%) in the event of a payment default.
S&P said the downgrade reflects a belief that the company is likely to face a near-term liquidity crisis over the next 12 months given limited sources of liquidity at March 31, including its limited cash balance of under $10 million, extremely limited revolver availability of less than $1 million and negative free operating cash flow generation.
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