Moody's downgrades Yioula

Moody's Investors Service said it downgraded Yioula Glasswork SA's probability of default rating to Ca-PD from Caa2-PD.

Concurrently, the group's corporate family rating was downgraded to Caa3 and the rating of its senior unsecured notes was downgraded to Ca (LGD 4, 68%).

The outlook remains negative.

Moody's said the action reflects its understanding that Yioula has failed to make scheduled amortization payments under several loan agreements, which have been waived by banks in the course of a broader renegotiation of lending terms of these credit facilities.

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