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Aegis Ltd. 'BB-' Rating Placed On CreditWatch Negative Due To Weak Operating Performance And Delayed Refinancing Mar 12 Product Image

Aegis Ltd. 'BB-' Rating Placed On CreditWatch Negative Due To Weak Operating Performance And Delayed Refinancing Mar 12

  • ID: 2088426
  • March 2012
  • Standard & Poors

Abstract
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

Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.

Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.

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