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S&P cuts Hyva Global
Standard & Poor's said it lowered its long-term corporate credit rating on Hyva Global BV to B from B+. The outlook is negative.
At the same time, the agency said it lowered its issue rating on the company's $375 million senior unsecured notes due 2016 to B from B+.
The agency also lowered the long-term Greater China regional scale rating on Hyva to cnB+ from cnBB-.
"We downgraded Hyva because we expect that the company's already weak performance may continue to deteriorate over the next 12 months," said S&P credit analyst Joe Poon in a news release.
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