G Steel faces possible downgrade

Moody's Investors Service has put on review for possible downgrade the B3 corporate family rating and senior unsecured bond rating of G Steel Plc (G Steel).

"The rating action reflects the company's heightened refinancing risks

following its inability to term out the US$120m bridge loan upon its

maturity on 30 October 2007," says Kathleen Lee, Moody's lead analyst for

G Steel, in a statement. She added "The company is still negotiating the refinancing

arrangements of the above loan with the lenders."

The review will focus on the implications of protracted refinancing

negotiations between G Steel and its bank lenders over how the company

will observe and fully comply with the provisions of the US$100 million

Senior Unsecured Notes due 2010. The review will also assess the

potential financial impact which the revised terms and conditions of the

refinancing agreement would have on G Steel's financial profile in the

event that such an agreement is reached.

- The Nation

iTV seeking more time
iTV has asked the Stock Exchange of Thailand for more time to complete its business-rehabilitation plan,....
JBIC now likely to fund Purple Line
The Japan Bank for International Cooperation (JBIC) is likely to grant a loan for the construction of the....