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S&P downgrades Arendal
S&P said it lowered the corporate credit rating on Arendal, S de RL de CV to D from CC.
The agency also said it lowered the rating on the company's $100 million senior unsecured notes due May 23, 2016 to D from CC.
S&P also said it affirmed the 4 recovery rating on the senior unsecured notes, indicating 30% to 50% expected default recovery.
The ratings also were removed from CreditWatch with negative implications.
The downgrades follow Arendal's inability to make the $100 million senior unsecured notes principal payment due May 23, 2016, S&P said.
Even though the company paid the coupon on the maturing date of May 24, Arendal also signed a 120-day forbearance agreement with the bondholders in order to seek a refinancing plan, the agency said.
The issuer will not be paying the principal of the senior unsecured notes on a timely basis, as originally stated, S&P said.
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