May 18, 2018 / 6:43 AM / a year ago

S&P reinstates GetBack's ratings, lowers it to 'D/D'

May 18 (Reuters) - Ratings agency Standard & Poor’s on Thursday reinstated its ‘B/B’ long- and short-term credit ratings on Poland-based GetBack SA and lowered them to ‘D/D’, considering the company to be in a general default.

“We note that the promptness of the possible restructuring agreement might be crucial for GetBack’s survival, given the potential for rapid value deterioration of its main asset, distressed debt,” S&P said in a statement.

The company’s ratings will not be raised until it resumes payments on its obligations, S&P said.

Reporting by Abinaya Vijayaraghavan in Bengaluru; Editing by Bernard Orr

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