Fitch cuts, then ups Genneia

Fitch Ratings said it cut Genneia SA's long-term foreign and local currency issuer default ratings to RD from C on the completion of its exchange offer.

“Fitch considers the debt exchange completed on Aug. 31, 2021, which was necessary in order to comply with central bank restrictions on dollar debt refinancings, a distressed debt exchange (DDE) under its DDE methodology,” the agency said in a press release.

Subsequently, the agency upgraded Genneia's IDRs to CC, lifted the senior unsecured notes due 2022 to CCC/RR4 from C/RR4 and assigned CCC/RR4 ratings to the company's $366.1 million of senior secured amortizing notes due 2027.

“The post-exchange rating of CCC reflects the company's exposure to offtaker Compania Administradora del Mercado Mayorista Electrico (Cammesa),” Fitch said.

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