S&P downgrades Interpipe from CC to SD

Standard & Poor’s downgraded Interpipe long-term credit rating from CC to SD. According to the rating agency, “the downgrade reflects the announcement by Millen Financial Ltd. (owned by the Interpipe’s shareholders) that it will proceed with the payment of the bonds validly tendered at 47% of par, with a settlement today, as well as our understanding that some bonds have been tendered, which reflects the effective completion of the tender offer”. The downgrade follows last week’s downgrade from B to CC.