Standard & Poor's downgrades Wendel rating
Listed investment company Wendel saw its long-term credit rating downgraded from BB to BB- by Standard & Poor's (S&P) today.
The move was motivated by Wendel's inability to significantly reduce its heavy debt burden, as well as the dependence of its portfolio values on volatile and unpredictable stock markets.
A rating of BB- represents "junk" status; Wendel lost its investment grade status in 2008, when S&P cut its rating from the BBB- level to BB+. The agency further downgraded Wendel's rating to BB in 2009.
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