S&P Global Ratings on May 17 reinstated Poland-based GetBack SA's B/B long- and short-term issuer credit ratings and lowered them to D/D.
The ratings were on CreditWatch with negative implications when S&P suspended them April 24, citing a lack of information on the debt collection firm that would allow the agency to properly assess the ratings.
S&P said it considers GetBack to be in general default, after it announced that it has ceased from paying the interest and principal on its outstanding debt obligations in full.
The agency expects GetBack's proposed debt restructuring plan to include portfolio sales and a significant reduction in the firm's administrative expenses. However, S&P said it views the probability of the company returning to its debt-purchasing activities as remote in the medium term.
This S&P Global Market Intelligence news article may contain information about credit ratings issued by S&P Global Ratings, a separately managed division of S&P Global. Descriptions in this news article were not prepared by S&P Global Ratings. The original S&P Global Ratings documents referred to in this news brief can be found here.