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S&P cuts Delta NV, debt to BBB
Standard & Poor's said it lowered its long-term corporate credit rating on Dutch multi-utility Delta NV to BBB from BBB+.
The outlook is negative.
At the same time, the agency lowered its issue rating on Delta's unsecured debt to BBB from BBB+.
The downgrade follows S&P’s reassessment of Delta's standalone credit profile to bbb from bbb+ in light of tough market and regulatory conditions in the Netherlands, the increase of Delta's debt-like obligations following recent accounting changes and the company's intention to dispose of its 75% stake in its waste company Indaver.
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