Fitch puts HT Global on evolving watch

Fitch Ratings said it placed the BB- long-term foreign- and local-currency issuer default ratings of HT Global IT Solutions Holdings Ltd. on rating watch evolving. The agency also placed the BB- rating on HT Global’s $368 million of 7% senior secured notes due July 2021 on RWE.

The RWE is driven by HT Global’s June 5 proposal to acquire all the shares that it does not already own in its 62.4%-owned subsidiary, Hexaware Technologies Ltd. (Hexaware), Fitch said.

The transaction is subject to regulatory approvals and Hexaware’s shareholders and board of directors.

“The RWE reflects the uncertainty about the successful completion of the privatization and future capital structure of HT Global,” Fitch said in a press release.

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