Credit-rating agency Standard and Poor’s Maalot downgraded two companies in the IDB Group on Sunday, citing weak liquidity levels.
IDB Holding Corp. and IDB Development Corp. both saw their ratings go from A to BBB. S&P gave both companies a negative outlook. The agency also gave IDB-subsidiary Clal Industries a negative outlook and warned of a possible downgrade in the future.
The IDB Group is controlled by Nochi Dankner.