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S&P downgrades Novartex
S&P said it lowered the long-term corporate credit rating on Novartex SAS, the parent company of Vivarte Group, to CCC from CCC+.
The outlook is negative.
The agency also said it lowered the rating on the €500 million super senior bonds to CCC from CCC+.
The recovery rating on these notes is 3, indicating 50% to 70% expected default recovery.
S&P also said it lowered the rating on the €780 million senior reinstated debt to CC from CCC-. The recovery rating on these notes is 6, indicating 0 to 10% expected default recovery.
The downgrades reflect a view that Vivarte is likely to announce a distressed exchange or other debt restructuring in the next 12 months, the agency said.
The company recently announced that it has appointed a special mediator to seek an agreement between the company and its lenders and shareholders in order to address the long-term sustainability of its capital structure, S&P said.
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