S&P cuts Eurotorg to SD, debt to D

S&P said it lowered the foreign currency issuer credit ratings on Eurotorg LLC to SD (selective default) from CC/C and the local currency issuer ratings to SD from CCC/C.

S&P also lowered the rating on the U.S. dollar-denominated eurobonds to D from CC.

“We downgraded Eurotorg to SD after it completed its distressed exchange with creditors, which reduced the company's debt burden by about $44 million. The eurobonds were issued in the form of loan participation notes for the sole purpose of financing a loan to Eurotorg and borrowed by a special-purpose vehicle, Bonitron,” S&P said in a news release.

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