Ratings On BIS Industries Ltd. And Its PIK Notes Lowered To #D# Upon Debt Restructure, Withdrawn At Issuer#s Request

Stocks and Financial Services Press Releases Tuesday January 16, 2018 09:04
MELBOURNE--16 Jan--S&P Global Ratings

MELBOURNE (S&P Global Ratings) Jan. 16, 2018--S&P Global Ratings said today that it had lowered its long-term corporate credit rating to 'D' from 'CC' on BIS Industries Ltd., an Australia-based mining-logistics company.

At the same time, we lowered the rating on the company's payment-in-kind (PIK) notes issued by BIS' related entity Artsonig Pty Ltd to 'D' from 'C'.
We are withdrawing our corporate credit rating on BIS and the issue rating on its PIK notes at Artsonig Pty Ltd. at the issuer's request.
The rating actions follow the completion of BIS' scheme of arrangement to recapitalize the company, which we consider to be a distressed exchange.
In our view, the recapitalization has improved BIS' capital structure because it has reduced about A$685 million of debt from the company's senior facilities.

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