S&P lowers Clisa notes to D

S&P said it lowered the rating on Argentine conglomerate Clisa - Compania Latinoamericana de Infraestructura y Servicios SA's senior secured notes to D from CCC-.

As on July 20, 2020, Clisa exercised again the pay-in-kind option on the January 2021 interest payment on its senior secured notes.

“In our opinion, the exercise of the PIK option breaches the imputed promise of paying in cash under the notes' terms and conditions, and investors won't receive the full PIK amount (including any compound interest) within a year,” S&P said in a news release.

S&P said it expects to raise the senior secured notes rating “in the next few days,” because the interest will be capitalized and payable at maturity.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.