Fitch downgrades Global Liman Isletmeleri notes to CC

Fitch Ratings said it downgraded Global Liman Isletmeleri AS’ (GLI) $250 million senior notes due 2021 to CC from B.

“The downgrade reflects Global Ports Holding plc's (GPH) deteriorated credit profile and the company's intention to address the upcoming maturity of GLI's notes in November 2021 with a refinancing proposal, which in our view materially impacts the terms of the existing notes,” Fitch said in a news release.

“In addition, the company has announced that it may use a U.K. scheme of arrangements, a procedure available under the Part 26 of the Companies Act 2006, to reduce the voting thresholds currently needed to amend the terms and conditions of the notes.”

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