S&P puts Global A&T on watch

Standard & Poor's said it placed its B long-term corporate credit rating and axBB- long-term Asean regional scale ratings on Global A&T Electronics Ltd. (GATE) on CreditWatch with negative implications.

At the same time, S&P placed the B issue ratings on the company's $625 million and $502,257,000 senior secured notes due 2019 on CreditWatch with negative implications.

"We placed the ratings on CreditWatch to reflect the risk of significant dispute-resolution costs and increased refinancing risks following a legal notice of an 'event of default.' If the claim is upheld and unresolved within the timeframe specified in GATE's bond indenture, an acceleration of repayment may be triggered," said S&P credit analyst Abhishek Dangra in a news release.

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