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S&P ups Yioula Glassworks
Standard & Poor's said it raised its long-term corporate credit rating on Yioula Glassworks SA to CCC- from CC and placed it on CreditWatch with positive implications.
S&P also placed the CC rating on Yioula's existing senior unsecured notes on CreditWatch positive.
S&P said the upgrade primarily reflects the group's extension of its €28 million bank commitment with Eurobank Ergasias to June 2015 from June 2014. Following the renegotiation, the group's debt maturities at year-end 2014 are about €12 million.
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