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S&P downgrade Quintis debt again, still on watch for another downgrade


Quintis Ratings Cut to CCC+ by S&P; on Creditwatch Negative

(Bloomberg) -- Rating lowered from B by S&P Global Ratings.

• Continued delays in confirming co.’s Indian sandalwood sales into China have increased the risks that plantation investor inflows could be materially lower for the co.: S&P
• Should the sale of sandalwood into China fall through, it would in S&P’s opinion heighten the probability of an option of 400ha of plantation being put back to Quintis in July 2017, which could stress the co.’s liquidity
• NOTE: May 23, Quintis in Non-Binding Talks for Debt, Equity Transactions Link
• NOTE: May 10, Sandalwood Grower Quintis Sinks Record 33% as Nestle Drops Deals Link