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S&P puts Ranhill on watch
Standard & Poor's said it placed on CreditWatch with negative implications the B long-term corporate credit rating on Ranhill Bhd. as well as the B- rating on $220 million 12½% senior notes due October 2011 issued by Ranhill (L) Ltd.
The agency said it placed the ratings on negative watch because Ranhill's liquidity has become constrained.
The company has deferred payments to some creditors in order to manage its working capital needs, S&P noted. This action could also affect Ranhill's ability to meet its sizable debt maturities in the next 12 months, including the $220 million notes due October 2011.
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