Schefenacker bonds fall again as S&P cuts rating

Newswire

LONDON, Aug 30 (Reuters) - Bonds of German auto parts maker Schefenacker fell on Tuesday after ratings agency Standard & Poor's downgraded the company one notch to CCC+ and said it was increasingly concerned about possible debt covenant breaches. Schefenacker's 9.5 percent euro bond due 2014 was bid at 57 percent of face value by 1045 GMT, a trader said, having earlier been as high as 62 percent of face value, buoyed by results from Italy's Teksid Aluminum released on Tuesday. The ...

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