S&P downgrades Yioula

Standard & Poor's said it lowered the long-term corporate credit rating on Yioula Glassworks SA to selective default (SD) from CCC+ and the rating on its senior unsecured notes to CC from CCC.

The downgrades follow Yioula's failure to finalize the refinancing of its €15 million loan from Piraeus Bank SA before the loan's maturity on September 26, S&P said.

The agency said it understands that the loan has matured, but has not been repaid.

So far, Piraeus has not recalled it, as negotiations surrounding a possible refinancing continue, S&P said.

Yioula's liquidity is considered weak due to the group's low cash balance and immediate refinancing needs, which are dependent on external funding from strained financial markets in Greece, the agency said.

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