S&P cuts Japan Air to SD

Standard & Poor's said it lowered to SD (selective default) from CC the long-term corporate credit ratings on Japan Airlines Corp. and wholly owned subsidiary Japan Airlines International Co. Ltd., and removed the ratings from CreditWatch.

The agency maintained the issuers' senior unsecured debt ratings at CCC and kept the ratings on CreditWatch with developing implications.

Japan Airlines and Japan Airlines International entered into ADR procedures, in which a company generally notifies major creditors of a temporary suspension of future debt payments immediately after proceedings are set in motion, according to the agency.

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