April 21 (Reuters) - S&P Global Ratings:
* S&P GLOBAL RATINGS SAYS VIRGIN AUSTRALIA RATINGS LOWERED TO 'CC' ON PROPOSED RECAPITALIZATION AFTER VOLUNTARY ADMINISTRATION; OUTLOOK NEGATIVE
* S&P SAYS LOWERED ISSUER CREDIT RATING ON VIRGIN AUSTRALIA TO 'CC' FROM 'CCC', LOWERED RELATED ISSUE RATINGS ON CO'S UNSECURED DEBT TO 'C' FROM 'CCC-'
* S&P, ON VIRGIN AUSTRALIA, SAYS EXPECT CO'S UNSECURED DEBT PROVIDERS WILL BE FORCED TO ACCEPT LESS VALUE FOR AMOUNTS OWING IN TERMS OF DEBT FACILITIES Source: https:// Further company coverage: VAH.AX