S&P downgrades Eros, notes to B-

S&P said it lowered Eros International plc’s long-term corporate credit rating and the issue rating on its proposed notes to B- from B+.

At the same time, the agency put the ratings on CreditWatch with negative implications.

S&P said it downgraded the ratings to reflect the increasing refinancing risk resulting from Eros’ inability to place the proposed notes and arrange other alternate facilities.

The CreditWatch placement reflects the possibility that the company could fail to make timely payments on its banking facilities.

In the agency’s view, Eros' withdrawal of the notes raises the refinancing risk on its upcoming maturities while it continues to work on alternative means to refinance them.

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