Fitch rates Bite Lietuva notes B, CCC+

Fitch Ratings said it assigned final B/RR3 ratings to Bite Finance International BV's €190 million senior secured notes due 2014 and final CCC+/RR5 ratings to its €110 million senior subordinated notes due 2017.

Bite Finance is a special purpose vehicle of UAB Bite Lietuva, which has an issuer default rating of B- and a stable outlook. SIA EECF Bella FinCo's €15 million senior secured revolving credit facility has a B/RR3 rating.

The agency said that although the senior secured note offering was increased to €190 million from €185 million, the senior subordinated notes offering was decreased by the same amount to €110 million, so absolute levels of leverage remain unchanged, and the higher proportion of senior secured debt relative to the junior debt does not significantly affect recoveries for either instrument.

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