S&P removes KWG from watch

S&P said it affirmed its B- issuer rating on KWG Group Holdings Ltd. and the CCC+ rating on the dollar-denominated notes it guarantees and removed the ratings from CreditWatch, where they had been placed with negative implications on April 1. S&P also assigned a negative outlook.

The affirmation and watch removal follow KWG publishing its audited results with an unqualified opinion within the communicated period, the agency said.

“We assigned a negative outlook given KWG has a significant amount of debt maturities over the next six to 12 months. The negative outlook also reflects our view that KWG's already weak liquidity will be under further pressure due to slower cash generation from sales, narrow funding access,” S&P said in a press release.

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