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S&P lowers TOM
Standard & Poor's said it lowered the long-term corporate credit rating on TOM Group Ltd. to BB from BB+.
The agency also downgraded $150 million convertible bonds due Nov. 28, 2008 issued by subsidiary TOM Holdings Ltd. to BB from BB+. Ratings were removed from CreditWatch, where they were placed on Oct. 22, 2007, with negative implications.
The outlook is stable.
S&P said the actions reflect a weakening of TOM's financial profile and its standalone business profile, which suffered from the emergence of a number of adverse regulatory developments within its internet business.
The rating reflects positive group business prospects, an expectation that the company's key financial metrics will strengthen to levels more supportive to the rating over the short to medium term and steadfast parental support, the agency noted.
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