Moody's cuts Yioula

Moody's Investors Service said it downgraded Yioula Glassworks SA's probability of default rating to Ca/LD from Caa2.

Concurrently, Moody's said it has affirmed the company's Caa2 corporate family rating and the Caa3 rating on its senior unsecured notes.

The outlook is negative.

"The downgrade of Yioula's PDR to Ca/LD reflects the challenges faced by the company to finalize the long-term refinancing of its €15 million term loan with Piraeus Bank or alternatively replace it with other long-term lending arrangements," Anke Rindermann, Moody's lead analyst for Yioula, said in a news release.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.