S&P lowers Quintis

S&P said it lowered its corporate credit rating on Quintis Ltd. to CCC+ from B and placed the rating on CreditWatch with negative implications.

S&P also lowered the ratings on the company's senior secured notes to CCC+ from B. The recovery rating remains unchanged at 4.

“Continued delays in the sale of Quintis' Indian sandalwood products would, in our opinion, worsen plantation investor confidence and potentially result in materially lower investor inflows for the company. This risk, combined with the prospect of the A$37 million option on 400 hectares (ha) being put back to the company, has heightened the probability of the company's liquidity becoming stressed,” S&P said in a news release.

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