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Sweden-Based Bus Services Provider Nobina Downgraded To 'SD' On Senior Secured Notes Deferral; Notes Downgraded To 'D' Aug 12 Product Image

Sweden-Based Bus Services Provider Nobina Downgraded To 'SD' On Senior Secured Notes Deferral; Notes Downgraded To 'D' Aug 12

  • Published: August 2012
  • Standard & Poors

Abstract
Sweden-based bus services provider Nobina AB has announced a temporary deferral of the coupon and principal repayments on its -85 million senior secured notes due on Aug. 1, 2012, until Oct. 31, 2012. We view the deferral, and Nobina's inability to meet its original obligations under the notes in full and on time, as a default under our criteria. Therefore we are lowering our long-term corporate credit rating on Nobina to 'SD' (Selective Default) from 'CC' and our issue rating on the senior secured notes to 'D' (Default) from 'CC'. LONDON (Standard & Poor's) Aug. 2, 2012--Standard & Poor's Ratings Services said today that it lowered to 'SD' (Selective Default) from 'CC' its long-term corporate credit ratings on Sweden-based bus...

Companies mentioned in this report are: Nobina AB,Nobina Europe AB,Nobina Europe Holding AB
Action: Downgraded

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 READ MORE >

Nobina AB,Nobina Europe AB,Nobina Europe Holding AB

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