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S&P ends developing watch on Ellaktor
S&P said it affirmed its CCC+/C long- and short-term issuer credit ratings on Ellaktor SA and removed them from CreditWatch developing, where they were placed on Aug. 9. The agency subsequently withdrew its issuer credit ratings on Ellaktor at the company's request.
Before the withdrawal, the positive outlook reflected the possibility of an upgrade in the next 12 months if Ellaktor's capital structure was considered sustainable after the expiration of its largest concession in 2024, S&P said.
On Dec. 15, Ellaktor announced it had fully repaid its €670 million of senior unsecured notes due in 2024. Ellaktor used a committed facility, which was repaid with the €672 million of cash proceeds from Ellaktor's sale of 75% of its renewable energy sources business.
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