S&P cuts Andino to CCC+

S&P said it lowered its long-term corporate credit and issue level ratings on Andino Investment Holding SAA to CCC+ from B.

The outlook is negative.

The downgrade reflects the agency’s view of an unsustainable capital structure in the long-term, as seen in debt to EBITDA of 17.6x in the 12 months ended June 30.

“We expect EBITDA margins to continue to converge to historical levels and the leverage metric to decrease to a level of 7.0x-7.5x by the end of 2017 and 6.0x-6.5x by the end of 2018,” S&P said in a news release.

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