S&P lowers Zlomrex

Standard & Poor's said it lowered its long-term corporate credit rating on Zlomrex SA to B- from B and placed it on CreditWatch with negative implications.

At the same time, the agency said that the B short-term rating was also placed on CreditWatch with negative implications.

In addition, S&P added that the senior secured debt rating on the €170 million 8.5% callable bonds due 2014 issued by subsidiary Zlomrex International Finance SA, guaranteed by Zlomrex SA was lowered to CCC+ from B- and also placed on CreditWatch with negative implications.

The rating action reflects a combination of heightened risks from Zlomrex's persistently weak liquidity and very high short-term debt, together with weak third-quarter results and challenges to turn around recently acquired loss-making businesses, the agency noted.

© 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.