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S&P ups Yioula Glassworks
Standard & Poor's said it raised its long-term corporate credit rating on Yioula Glassworks SA to CC from SD (selective default).
The outlook is negative.
At the same time, S&P affirmed its CC long-term issue rating on Yioula's senior unsecured notes.
"The rating actions reflect our review of Yioula's financial and business risk profiles after we downgraded the group to SD on Feb. 26, 2013, and follow the group's bank loan restructuring agreements," S&P said in a news release.
S&P continues to assess Yioula's financial risk profile as "highly leveraged" due to its high debt to EBITDA of 6.1x as of Sept. 30, 2012. And the agency said it continues to assess Yioula's business risk profile as "weak."
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