S&P cuts Vestel to SD from CCC+

S&P said it lowered its long-term issuer credit rating on Vestel Elektronik Sanayi ve Ticaret AS to SD (selected default) from CCC+.

The downgrade follows the three- to six-month postponement of payments on obligations due in June 2020.

“We consider the postponement a distressed exchange because we think the company has limited refinancing options given its tight liquidity, weak credit metrics, relatively high foreign currency-denominated debt, and strong headwind against its operations caused by Covid-19,” S&P said in a news release.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.