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S&P drops Yioula Glassworks to CCC+
Standard & Poor's said it lowered the long-term corporate credit rating on Yioula Glassworks SA to CCC+ from B- and its senior unsecured debt rating to CCC from CCC+.
The outlook is negative.
"The rating action reflects our view of the rising liquidity pressures that Yioula faces as a result of large short-term debt maturities," said S&P analyst Izabela Listowska said in a statement.
"This pressure is exacerbated by the company's constrained free cash flow generation - caused by continued weak demand in its core markets - and covenant risks from the start of 2011, when the company's covenant waivers expire."
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