S&P lifts Yioula Glassworks

Standard & Poor's said it raised the long-term corporate credit rating on Yioula Glassworks SA to CC from SD (selective default).

The outlook is negative.

The agency also said it affirmed the CC rating on Yioula's senior unsecured notes.

The upgrade reflects a view that Yioula has reduced immediate liquidity risk following the extension of the company's €15 million loan from Piraeus Bank to Dec. 31, S&P said.

However, the agency said it still believes that the extended Piraeus loan represents a near-term refinancing risk.

The group continues to face significant liquidity issues and relies on external financing from strained Greek markets, S&P said.

As such, the company could have further refinancing issues in the near term, the agency said.

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