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S&P drops Head NV
Standard & Poor's said it lowered to CCC+ from B- its long-term corporate credit rating on Head NV.
The outlook is negative.
At the same time, the senior unsecured rating on debt issued by related entity HTM Sport und Freizeitgeraete AG was lowered by one notch to CCC from CCC+, reflecting the bonds' longstanding subordination to secured creditors, the agency noted.
According to S&P, the downgrade reflects the company's significantly weakened financial metrics for the year ended Dec. 31 and concerns regarding its ability to finance its future working capital needs.
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