Moody’s downgrades Quintis to C

Moody's Investors Service said it downgraded Quintis Ltd.’s corporate family rating and senior secured debt rating to C from Ca.

The outlook is stable.

"The downgrade follows the company's announcement on 31 August 2017 that it has not made a bi-annual interest payment of USD10.9 million which was due on 1 August 2017, within a 30-day grace period," Moody's analyst Shawn Xiong said in a news release.

Although the company has reached a forbearance agreement with a significant majority of the noteholders, the agency said it views its inability to fulfill its obligation to make the bi-annual interest payment, under the terms of the notes, as a default event.

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