Fitch affirms EA Partners II notes at C

Fitch Ratings said it affirmed EA Partners II BV's notes' senior secured rating at C with a recovery rating of RR4 following a note event of default.

The affirmation reflects the fact that the senior secured rating is derived from the creditworthiness of the obligor of the weakest credit quality (Alitalia and Air Berlin in default), and the agency’s assessment of the notes' recovery prospects, which already incorporates a downside scenario for the remarketing of defaulted obligors, Fitch noted.

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