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Fitch assigns C rating to MIE notes
Fitch Ratings said it downgraded MIE Holdings Corp.'s long-term issuer default rating to RD (restricted default) from C on the completion of MIE's exchange offer.
Fitch also said it reassessed and upgraded the issuer default rating to CC post completion of the exchange.
The rating on MIE's outstanding untendered $50.665 million 7½% senior unsecured bonds due April 25 were affirmed at C with recovery rating of RR6.
Fitch also said it assigned a C rating with a recovery rating of RR6 on MIE's $248.394 million 13¾% senior notes due April 2022, which were issued arising from the exchange offer.
The rating actions are in accordance with the agency's distressed debt exchange (DDE) rating criteria, Fitch noted.
The CC rating reflects MIE's significant challenges to liquidity and limited financial flexibility, the agency said, as cash generation is unlikely to cover short-term debt maturities and interest obligations.
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