Fitch lowers EA Partners notes

Fitch Ratings said it downgraded EA Partners I BV's notes' senior secured rating to C with a recovery rating of RR4 from CC/RR3.

The agency also affirmed EA Partners II BV's notes' senior secured rating at C with a recovery rating of RR4.

The downgrade incorporates the deterioration of recovery prospects for the notes, Fitch said.

“The remarketing of the Alitalia notes and the Air Berlin debt obligation by EAP I and EAP II was unsuccessful. The received bids along with the funds available in the liquidity pool were insufficient to partially redeem the notes at par, including accrued interest,” Fitch said in a news release.

“Therefore, a note event of default occurred at both EAP I and II. EAP I and II are convening meetings with noteholders on Oct. 31 to pass resolutions related to, among other things, the decision on the bids for defaulted debt obligations.”

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