S&P cuts Quintis, notes to CCC-

S&P said it lowered the corporate credit rating on Quintis Ltd. and the issue ratings on its senior secured notes to CCC- from CCC+. The recovery rating on the notes remains at 4.

At the same time, the agency placed the ratings on CreditWatch with negative implications.

S&P said it lowered the ratings because the company's liquidity pressure has increased pending an upcoming interest payment due on its bonds on Aug. 1, 2017, and the potential for a put option to be exercised in July 2017.

In addition, further delays in the sales of Quintis' Indian sandalwood, lower investor cash flows and a lack of clarity regarding any potential capital support increased the company's liquidity risk, the agency added.

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