Fitch: Hydoo unaffected by note add-on

Fitch Ratings said that Hydoo International Holding Ltd.’s (B-/stable) proposed issuance of an additional $60 million of its 13¾% senior notes due 2018 will not affect the existing B- rating or recovery rating of RR4 on the bond.

The proposed and existing bonds are rated at the same level as Hydoo's senior unsecured rating as they represent direct, unconditional, unsecured and unsubordinated obligations of the company.

Hydoo's ratings are constrained by its weak performance as a result of the difficult operating environment for the trade center industry, Fitch said. The ratings are supported by the company’s large land bank that allows it to keep leverage under 50%.

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