Fitch downgrades GetBack

Fitch Ratings said it downgraded GetBack SA's long-term issuer default rating to B- from B+ and placed it on rating watch negative.

Fitch said the downgrade reflects uncertainty over the company's access to funding and liquidity, which has coincided with significant changes in GetBack's management, including the dismissal of the company's CEO.

The negative watch reflects the agency’s view that GetBack's issuer default rating could be downgraded further given uncertainties with respect to its current liquidity position and the magnitude of the reputational impact from recently disclosed corporate governance shortcomings.

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