S&P cuts Thomas Cook to CC

S&P said it downgraded Thomas Cook Group plc’s issuer credit and issue-level ratings to CC from CCC+.

The outlook on the issuer credit rating is negative, reflecting the likelihood that a further lowering to D may occur when the company’s recapitalization is completed.

A recapitalization, “once implemented, will result in debtholders receiving less than originally promised, which we view as a distressed exchange and tantamount to a default under our criteria,” S&P said in a news release.

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