Bonds of Selecta Group BV declined to the lowest on record after S&P Global Ratings cut the vending-machine company’s credit rating amid weak results.

Selecta’s 350 million euros ($400 million) bonds due June 2020 fell as much as 3 cents to 82 cents on the euro on Thursday, down 14 cents this year, according to data compiled by Bloomberg. Its 245 million Swiss francs ($256 million) notes of similar maturity dropped to a record-low 82 cents, the data show.

S&P lowered Selecta’s ranking by one step to B, five levels below investment grade, after the Swiss company reported a 24 percent decline in earnings before interest, taxes, depreciation, and amortization in the six months ended March. That may put pressure on rules governing the company’s loans, according to the ratings provider.

Selecta “has underperformed against our expectations” for ebitda and cash-flow for more than a year, analysts led by Andrew Stillman wrote. “Absent a material operational turnaround, we believe the company’s liquidity profile and covenant headroom could weaken.”

KKR & Co. acquired the majority of the group from Allianz Capital Partners in December. It had already provided 220 million euros of financing in 2014.

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