S&P drops ETA to CCC

Standard & Poor's said it lowered the long-term corporate credit rating on ETA Group to CCC from BB-, and removed the rating from CreditWatch, where it was placed with negative implications on Feb. 9.

The outlook is negative.

The agency also lowered the debt rating on the group's $300 million senior unsecured bank loan due 2012 (for which subsidiaries Emirates Trading Agency LLC, ETA Star Holdings Ltd., and Associated Construction and Investments Co. LLC are joint borrowers) to CCC from BB-.

All ratings were subsequently withdrawn at ETA Group's request.

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