COMPANY PLC (“FESCO”, or the “Company”) announces today that in view of the
ongoing discussions with respect to the restructuring of the Company’s
indebtedness, and following the Company’s initiatives toward
further cost optimization, it believes it now inappropriate to continue to
support the corporate credit rating issued by S&P Global Ratings.
FESCO understands that the rating affirmed at 'SD' (selective default) by S&P Global Ratings will be withdrawn by the rating agency at the issuer’s request.
The Company expresses its gratitude to Standard & Poor’s Global Ratings for its work on the rating over a significant period in the Company’s evolution.