India-based Aegis' operating performance has been weaker than our expectation with lower EBITDA margin and higher-than-anticipated debt. The BPO service provider has "less than adequate liquidity", as defined under our criteria, with the company yet to completely refinance a US$190 million bank loan that is due in less than one month. We are placing our 'BB-' long-term corporate credit rating on Aegis on CreditWatch with negative implications. MUMBAI (Standard & Poor's) March 15, 2012--Standard & Poor's Ratings Services said that it had placed its 'BB-' long-term corporate credit rating on India-based business process outsourcing (BPO) service provider Aegis Ltd. on CreditWatch with negative implications. "We placed the ratings on CreditWatch due to Aegis' weaker-than-expected operating performance and a significant delay...
Companies mentioned in this report are: Aegis Ltd.
Action: On CreditWatch:Negative
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