S&P cuts Titan Petrochemicals

Standard & Poor's said it lowered the long-term corporate credit rating on Titan Petrochemicals Group Ltd. to B- from B and its $400 million senior unsecured notes guaranteed by Titan to CCC+ from B-.

The outlook is negative.

S&P said the downgrades reflect a significant weakening in Titan's financial and business risk profiles in the first half.

Titan's weak financial performance led to non-compliance with three bank loan covenants, although the related loans are small in amount, the agency added. Titan has obtained two waivers from the banks, and another waiver is still in process.

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