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S&P downgrades IRPC notes
Standard & Poor's said it lowered its long-term corporate credit rating on IRPC PCL to BB+ from BBB-.
The outlook is stable.
At the same time, the agency lowered its Asean regional scale rating on the company to axBBB+ from axA- and its issue rating on IRPC's senior unsecured notes due May 2017 to BB+ from BBB-.
All ratings were removed from CreditWatch, where they had been with negative implications since March 12.
"We lowered the rating on IRPC because we expect the company's weak operating performance to hamper its cash flows over the next two years," S&P credit analyst Xavier Jean said in a news release.
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