S&P downgrades Ellaktor

S&P said it downgraded Ellaktor SA and the rating on debt sold by Ellaktor Value plc to B- from B.

“We understand Ellaktor continues to face significant issues in the construction segment due to delays and cost overruns that are likely to harm the group's profitability for a longer period than we previously anticipated. In conjunction with higher working capital outflow, this has impaired the group's cash flow and leverage reduction trend compared to our previous base-case forecast,” said S&P in a press release.

The outlook is negative.

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