Fitch downgrades GetBack

Fitch Ratings said it downgraded GetBack SA's long-term issuer default rating to RD (restricted default) from B- and removed it from Rating Watch negative.

GetBack has experienced an uncured payment default on a number of its bonds, Fitch explained.

The downgrade reflects a view that the partial non-payment on bonds confirmed by GetBack in its recent announcement constitutes an uncured payment default and meets the definition of a restricted default, the agency said.

Following the downgrade to RD, GetBack's long-term issuer default rating is primarily sensitive to the company resuming its repayment obligations with regards to all its outstanding debt, Fitch said.

A track record of timely debt service in line with the original maturity schedule for upcoming debt obligations could result in positive rating action, the agency said.

Fitch said it would downgrade GetBack's rating to D in case of a bankruptcy filing, administration, receivership, liquidation, other formal winding-up procedure or if it ceased operating.

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