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S&P cuts Ellaktor
S&P said it downgraded Ellaktor SA to CCC+ and the rating on debt issued by Ellaktor Value plc to CCC+ from B-.
The downgrade reflects Ellaktor's limited financial flexibility to manage material and recurring losses at its construction division. In 2020, Ellaktor's construction subsidiary, Aktor, recognized material losses of 155.5 million (of which 112.2 million only occurred in the last quarter), due to cost overruns and exits from loss-making international projects, S&P said in a press release.
The outlook is negative.
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