S&PCORRECT: CEVA Group PLC Rating Lowered To 'B-' On Deteriorating Financials; Outlook Stable - S&P Credit Research

S&PCORRECT: CEVA Group PLC Rating Lowered To 'B-' On Deteriorating Financials; Outlook Stable

1181 words — Published Mar 30, 2009
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Abstract:

LONDON (Standard&Poor's) March 23, 2009--Standard&Poor's Ratings Services said today that it lowered to 'B-' from 'B' its long-term corporate credit rating on CEVA Group PLC (CEVA), the holding company for The Netherlands-based contract logistics group Ceva Ltd. This follows sharply deteriorating trading prospects. The outlook is stable. At the same time, the senior secured debt rating on CEVA's $1.5 billion bank facilities on CEVA was lowered to 'B' from 'BB-', one notch above the corporate credit rating. The recovery rating is revised to '2' from '1, indicating our expectation of substantial (70%-90%) recovery in the event of a payment default. In line with our rating criteria, a recovery rating of '2' results in a one-notch differential

  
Brief Excerpt:

RESEARCH S&PCORRECT: CEVA Group PLC Rating Lowered To 'B-' On Deteriorating Financials; Outlook Stable Publication date: 30-Mar-2009 Primary Credit Analyst: Leigh Bailey, London (44) 20-7176-3780; leigh_bailey@standardandpoors.com...

  
Report Type:

Ratings Action

Ticker
976811Z@NA
Issuer
CEVA Group PLC
GICS
Air Freight & Logistics (20301010)
Sector
Global Issuers
Country
Region
Europe, Middle East, Africa
Format:
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MLA:
S&P Credit Research. "S&PCORRECT: CEVA Group PLC Rating Lowered To 'B-' On Deteriorating Financials; Outlook Stable" Mar 30, 2009. Alacra Store. Dec 21, 2014. <http://www.alacrastore.com/s-and-p-credit-research/S-PCORRECT-CEVA-Group-PLC-Rating-Lowered-To-B-On-Deteriorating-Financials-Outlook-Stable-712326>
  
APA:
S&P Credit Research. (). S&PCORRECT: CEVA Group PLC Rating Lowered To 'B-' On Deteriorating Financials; Outlook Stable Mar 30, 2009. New York, NY: Alacra Store. Retrieved Dec 21, 2014 from <http://www.alacrastore.com/s-and-p-credit-research/S-PCORRECT-CEVA-Group-PLC-Rating-Lowered-To-B-On-Deteriorating-Financials-Outlook-Stable-712326>
  
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