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Fitch cuts, then raises Solocal Group
Fitch Ratings said it downgraded Solocal Group's long-term issuer default rating to RD, restricted default, from CC on a failure to pay its deferred interest by Dec. 15, as per its agreement with lenders in September. In October, Fitch cut and then upgraded Solocal’s ratings on the deferred interest that was due Sept. 15.
The agency then raised the long-term IDR to CC following agreed interest deferrals. The agency also downgraded Solocal's senior secured debt to C from CC and subsequently upgraded it to CC. The recovery rating is RR4.
Solocal secured the needed bondholder consents to defer its coupons originally due June 15, Sept. 15 and Dec. 15, 2023, until Jan. 30 on its €176.7 million and €18.7 million floating-rate notes, which mature in 2025.
In a press release, Fitch warned that “Refinancing risk on Solocal's revolving credit facility (RCF) and bonds due in 2025 is high as refinancing is unlikely to be available at an arm's length basis.”
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