Another blow for Cell C as S&P downgrades its debt to ‘default’
Cell C failed to make interest payments in July
22 August 2019 - 19:27
S&P Global Ratings on Wednesday downgraded Cell C's debt to “default” after the embattled mobile network operator failed to make interest payments in July.
“The downgrade follows Cell C's announcement on August 19, that it has failed to make approximately R194m in interest payments due July 2019 on certain bilateral loan facilities totaling 40% of its total debt at December 31, 2018,” the ratings agency said. ..
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