Fitch lifts Solocal, rates bond B

Fitch said it upgraded Solocal Group's long-term issuer default rating to B- and assigned a senior secured bond rating of B with recovery rating of RR3.

The outlook was revised to negative.

The conclusion of the financial restructuring represents a restricted default under the agency's methodology, Fitch said.

The long-term issuer default rating of B- reflects the new financing structure and associated improved financial flexibility of the business that will allow it to invest for growth in digital markets, the agency said.

The negative outlook reflects the execution risk in the implementation of management's growth strategy, Fitch said.

The outlook also considers the competitive nature of the markets that the group operates in, the agency said.

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