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S&P affirms RCS & RDS
Standard & Poor's said it affirmed the B long-term corporate credit rating on RCS & RDS SA and removed the rating from CreditWatch, where it was placed with positive implications in February.
The outlook is stable.
The agency also said it withdrew the B+ debt rating on the company's proposed $200 million senior unsecured bond as the issuance did not take place.
The affirmation and removal from CreditWatch positive follows a review of the company's creditworthiness in light of the non-issuance, S&P said.
The company's liquidity is still weak despite the successful arrangement of a $100 million bank facility due 2013, the agency said.
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