S&P revises Quintis to negative

S&P said it revised the outlook on Quintis Ltd. to negative from stable and affirmed its corporate credit rating at B+ and the issue rating on its senior secured notes at B+ with a recovery rating of 4.

"We revised the outlook to negative to reflect the potential impact of the recent resignation of Quintis' CEO and possible delays in the sale of Indian sandalwood," S&P credit analyst Sam Heffernan said in a news release.

"In our view, these events could undermine plantation investor confidence and affect the ability of the company to manage its working capital commitment in a seasonal business where the majority of cash flows are realized during the second half of the year."

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