Atu
TU
ATUGRP EUR 11% Snr May 2014 80 – 83
ATUGRP EUR Float Snr May 2014
ATUGRP EUR Float October 2014 2 – 5
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Following company’s announcement of coupon non-payment (AMC from 04.12.13) S&P has downgraded the company to D. The rating agency expects recovery of 30%-50% for Senior Notes. The events happened so quickly that the rating agency’s statement does not even mention the latest press release from the company that it will cut existing debt by over €600m, saying “Should any restructuring occur, we will reassess the ratings”. The agency also considers liquidity position of the company to be weak, but again, in the latest press release the company said it will receive investment of €100m which would greatly improve the liquidity profile. New S&P release is expected by us in coming days.