Fitch downgrades Isolux Corsan

Fitch Ratings said it downgraded Grupo Isolux Corsan, SA’s long-term issuer default rating and senior unsecured debt rating to CC with a recovery rating of RR4 from B- with a recovery rating of RR4.

The agency also downgraded its short-term issuer default rating to C from B, along with Grupo Isolux Corsan Finance, BV’s senior unsecured debt rating to CC with recovery rating of RR4 from B- with recovery rating of RR4.

All of the ratings were removed from Rating Watch negative.

The downgrades reflect the increased possibility of a debt restructuring for Isolux in the near term following news that the company hired Rothschild and Houlihan Lokey to analyze its financial structure, Fitch said.

The company’s liquidity is tight and the company is in a normal period of working-capital cash outflows, the agency added.

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