S&P downgrades GetBack

S&P said it reinstated its B/B long- and short-term issuer credit ratings on GetBack SA and lowered them to D/D.

The ratings were on CreditWatch with negative implications, and the agency suspended them on April 24 due to lack of information.

“We lowered the ratings to D/D since we consider GetBack to be in a general default, after the company confirmed that it had stopped servicing the interest and principal on outstanding debt in full,” S&P said in a news release.

Following a motion of GetBack's management board, the District Court in Wroclaw instituted legal proceedings on the restructuring the company's debt on May 11.

S&P said it expects the company will either enter into a restructuring agreement or declare bankruptcy in the near future.

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