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S&P lowers Novasep
S&P said it lowered the long-term issuer credit rating on Novasep Holding SAS to SD (selective default) from CC, along with the issue on the notes to D.
The agency also said it removed the ratings from CreditWatch with negative implications, where they were placed Feb. 8.
The downgrades follow the completion of Novasep's maturity extension on its €181.7 million unsecured notes to May 31, 2022 from May 31, 2019, S&P explained.
The agency said it considers the transaction distressed in light.
The three-year maturity extension is a significant amendment to the original promise of repayment on May 31, S&P said.
The maturity extension allows the group to avoid entering into French safeguarding procedures because it would not have been able to meet its May 2019 maturity, the agency noted.
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