S&P Cuts Adler by Two Notches After Debt Accord with Bondholders
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S&P Global Ratings has downgraded Adler Group to ‘CCC-’ from ‘CCC+’ after the embattled landlord signed a non-binding agreement with bondholders on restructuring its debt.
The agency also downgraded the Germany-headquartered firm’s unit Adler Real Estate and the group’s second-lien secured debt maturing in 2025 and 2026.