Fitch removes Brebemi from watch

Fitch Ratings said it affirmed Societa di Progetto Brebemi SpA’s senior secured class notes at BB+ and removed them from rating watch negative. Fitch also assigned a stable outlook.

“The removal of the RWN follows completed solicitation with Brebemi’s senior creditors to grant a covenant holiday until June 2021. This agreement will cure the otherwise likely default covenant breach by year-end and, crucially, will prevent junior noteholders from taking enforcement actions,” Fitch said in a press release.

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