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SBB (SD): Ratings Yoyo

REAL ESTATE

• S&P downgraded SBB to SD today following their distressed tender on hybrids.

• S&P expects to raise the senior unsecured debt to CCC (CCC+ previously) once the transaction settles.

• They also flag “heightened risk that the company could address its debt by implementing another tender we would view as distressed, within the next 12 months”, which would of course trigger the ratings yoyo again.

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