S&P cuts H&K, withdraws rating

S&P said it lowered its issuer credit rating to CCC+ from B- on H&K AG.

S&P subsequently withdrew the ratings at H&K's request.

The outlook was negative at the time of withdrawal.

“At the time of withdrawal, we had lowered the rating on H&K to CCC+ because of tightening liquidity and covenant headroom on the back of a weaker operating performance than we had anticipated in our base case,” S&P said in a news release.

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