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Fitch downgrades Solocal to RD
Fitch Ratings said it downgraded Solocal Group SA's long-term issuer default rating to RD (restricted default) from C.
At the same time, the agency affirmed the instrument rating of the senior secured notes issued by PagesJaunes Finance & Co. S.C.A. at C/RR4.
Fitch said the action relates to Solocal’s decision not to pay interest due on Dec. 1 on the €350 million 8 7/8% senior secured notes with a June 2018 maturity that were issued by PagesJaunes. This represents a selective payment default on a specific class of debt, which aligns with Fitch's definition of restricted default.
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