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S&P trims Travelex to D
S&P said it lowered its long-term issuer credit rating on Travelex Holdings Ltd. to D (default) from SD (selective default) and lowered the issue rating on the £90 million revolving credit facility to D from CCC.
The issue rating on the €360 million senior secured notes remains unchanged at D.
S&P subsequently withdrew all its ratings on Travelex at the issuer's request.
On Aug. 6, Travelex Holdings announced that it has completed the restructuring of its debt obligations, including the write-off of £225 million of debt and the amendment of the original terms of its revolving credit facility.
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