News

S&P cuts Geneva's rating

Monday 21st of March 2011

 

"The rating action follows Geneva's announcement that it will seek subordinated noteholder approval to convert existing debt interests to equity," says S&P credit analyst Peter Sikora.

A "CC" rating means a company is "highly vulnerable to nonpayment."

S&P's view is there is a high likelihood that the noteholders will agree to a debt-for-equity exchange at a...

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