(Bloomberg) -- S&P yday lowered its long-term corporate credit rating on Abengoa S.A. to SD from CCC-, credit-rating co. says in statement.
* Abengoa hasn’t paid amounts due under its EU750m EUR CP program; also commented that it’s undergoing a debt restructuring process that has caused it to temporarily suspend certain financial commitments
* S&P views the missed payments as a selective default under iits criteria
* Abengoa confirmed to S&P that none of the above-mentioned unpaid amounts are larger than the group’s cross default materiality threshold of EU30m
* “To the best of our knowledge, the group has not defaulted on any coupon due under its rated senior unsecured notes,” S&P said
* NOTE: Abengoa rated RD by Fitch and Caa3 by Moody’s