S&P downgrades Ellaktor rating to B-

Standard & Poor’s Global Ratings said on Thursday it has downgraded Greek infrastructure group Ellaktor SA’s credit rating to B- from B.

It also assigned to the construction company a negative outlook, saying it reflects “expectations that current market conditions may further weaken the group’s liquidity if it cannot reverse working capital financing needs and return to positive cash flow from operations in the next 12 months.”