MUMBAI (Thomson Financial) - Standard & Poor's Ratings Services said it has
lowered UTGR Inc's corporate credit rating to 'CCC-' from 'B-', and added the
ratings remain on negative watch.
S&P's said the downgrade reflects its concerns about a potential bankruptcy
filing as the company reportedly continues to negotiate a forbearance agreement
with its lenders.
"While we believe that incentives exist for the company and its lenders to
reach an extended agreement, the new ratings better reflect the near-term risk
factors for a potential bankruptcy filing if the parties are not able to come to
an agreement," S&P said.
TFN.newsdesk@thomson.com
ami/ssa
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