S&P cuts Lecta

S&P said it lowered its long-term issuer credit rating on Lecta Ltd. to SD, selective default, from CC and issue-level ratings on the company's €255.5 million senior secured notes due 2025 to D, default, from C. The agency affirmed the issue rating on the €115 million super senior facility at CCC-.

“The downgrade follows Lecta's completion of debt restructuring through a combination of debt exchange, a new debt issuance, and the extension of some debt maturities. The restructuring was done via a U.K. scheme of arrangement and was approved by 91.5% of senior secured bondholders,” S&P said in a press release.

S&P said in its opinion that the senior secured noteholders got “materially less” under the exchange than they would have gotten under the original terms.

The agency said it withdrew its ratings for Lecta at the company’s request.

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