Fitch cuts Castor Gas bonds

Fitch Ratings said it has downgraded Watercraft Capital SA’s (Castor Gas Storage) €1.4 billion secured bonds to BB+ from BBB+ and maintained the rating on rating watch negative.

The downgrade reflects Fitch's opinion that the level of uncertainty and lack of visibility on the outcome of the Castor gas storage project are not commensurate with an investment-grade rating on the bonds.

Fitch believes that there is an increased probability of concession relinquishment by the project company in the next couple of months.

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