Fitch lowers Waterford to D

Fitch Ratings said it has downgraded Waterford Wedgwood plc's long-term issuer default rating to D from C and its short-term issuer default rating to D from C.

Both ratings are removed from rating watch negative, the agency noted.

Fitch said that its rating actions follow the company's announcement that certain Waterford companies have been placed into receivership after the expiration and non-renewal of the forbearance period and the non-payment of the semi-annual interim coupon on its mezzanine notes.

At the same time, Waterford's $60 million senior secured term loan, rated CCC/RR3, remains on rating watch negative, the agency added.

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