S&P changes Stonegate Pub to negative

Standard & Poor's said it revised its outlook on Stonegate Pub Co. Ltd. to negative from stable.

At the same time, the agency affirmed its B+ long-term corporate credit rating and B+ long-term issue rating on Stonegate's senior secured notes.

S&P said the outlook revision reflects its opinion that Stonegate's free cash flow generation is under a degree of pressure as a result of higher-than-expected capital expenditure (capex) and less-favorable working capital movements.

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