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S&P cuts, withdraws BIS Industries
S&P said it lowered its long-term corporate credit rating on BIS Industries Ltd. to D from CC.
At the same time, the agency lowered the rating on the company's payment-in-kind notes issued by Artsonig Pty Ltd. to D from C.
S&P also withdrew the corporate credit rating on BIS and the issue rating on the notes at the issuer's request.
The agency said the actions follow the completion of BIS' scheme of arrangement to recapitalize the company, which S&P considers to be a distressed exchange.
“In our view, the recapitalization has improved BIS' capital structure because it has reduced about A$685 million of debt from the company's senior facilities,” S&P said in a news release.
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