S&P takes Credivalores off watch

S&P said it removed Credivalores - Crediservicios SAS’ ratings from CreditWatch with negative implications and affirmed them at CCC+.

The agency noted the non-bank financial institution paid off its $50 million of 8½ notes under its euro commercial paper program in an exchange it did not consider distressed.

“This is because we don't believe there's clear evidence that creditors received less value than the notes' original promised, according to the subscription notice. Part of the premium Credivalores offered to its bondholders in its new October 2023 notes included the rise in interest rate to 12.5% from 8.5%,” S&P said in a press release.

The outlook is negative.

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