S&P downgrades Corpoelec

S&P said it lowered the senior unsecured debt rating on Corporacion Electrica Nacional, SA (Corpoelec) to D from CC.

The agency also said it lowered the long-term corporate credit ratings on the company to SD (selective default) from CC and removed the credit ratings from CreditWatch negative.

The downgrades are because the interest payment due Oct. 10 on Corpoelec's $650 million 8½% notes due 2018 was not made within the 30-day grace period, which ended Nov. 9, S&P explained.

After the downgrade, the ratings were taken off of CreditWatch with negative implication, the agency said.

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