S&P cuts Yioula Glassworks

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

At the same time, the agency affirmed its CC issue rating on Yioula's senior unsecured notes.

S&P said the downgrade reflects its understanding that Yioula has restructured certain amortizing loan repayments with three of its banks.

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