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Prospect News home > News index > List of issuers T > Headlines for Treofan Germany GmbH & Co. KG > News item
Published on 7/29/2009 in the Prospect News Distressed Debt Daily and Prospect News High Yield Daily.

S&P downgrades Treofan

Standard & Poor's said it lowered the long-term corporate credit ratings on Treofan Holdings GmbH and its operating subsidiary Treofan Germany GmbH & Co. KG to SD from CC.

The agency downgraded the €170 million subordinated second-lien notes issued by Treofan Germany to D from CC with 4 recovery rating.

"The downgrade follows Treofan's agreement with noteholders to defer the Aug. 1, 2009, interest payment on its €170 million second-lien notes due 2013," S&P analyst Izabela Listowska said in a statement.


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