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S&P cuts Central European Distribution
Standard & Poor's said it lowered its long-term corporate credit rating on Central European Distribution Corp. to SD from CC.
The rating was removed from CreditWatch, where it had been with negative implications since June 8, 2012.
At the same time, S&P changed its senior unsecured debt ratings on CEDC's outstanding $258 million convertible notes due March 15, 2013, to D from NR (not rated). Prior to their placement to NR at maturity, the notes were rated CC. The CC rating had been on CreditWatch negative since June 8, 2012.
S&P said its CC issue rating on CEDC's outstanding $380 million and €430 million senior secured notes due 2016 remains on CreditWatch negative, where it placed it on June 8, 2012.
The downgrades reflect the understanding that CEDC failed to redeem its $258 million convertibles notes at their March 15, 2013, maturity date, S&P said.
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