S&P: Cell C notes reinstated at B-

Standard & Poor's said it corrected an error by reinstating the B- rating and 3 recovery rating on the €160 million senior secured notes issued by Cell C (Pty) Ltd.

The recovery rating of 3 indicates 50% to 70% expected default recovery.

Due to an error, the maturity date on the senior secured notes was not updated following a three-year extension to July 2015 in June 2012, S&P said.

The agency said it erroneously withdrew the issue and recovery ratings on the senior secured notes on the original maturity date.

The ratings were reinstated at the same level at which they were withdrawn, S&P said.

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