S&P cuts Groupe Ecore

S&P said it lowered the issuer and issue ratings for Groupe Ecore Holding to CCC+ from B-.

“The downgrade is driven by the company's unsustainable capital structure, and the potential risk of initiating a distressed exchange offer. With the meltdown of steel demand in second-quarter 2020, we now expect EBITDA of €25 million-€35 million, compared with gross debt of about €300 million,” S&P said in a press release.

The outlook is stable.

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