Fitch ups Bite Lietuva

Fitch Ratings said it upgraded UAB Bite Lietuva's (Bite) long-term issuer default rating to B- from CCC, along with SIA EECF Bella Finco's senior secured revolving credit facility to B from B-.

The recovery rating of the facility is RR3.

The agency also said it upgraded the senior secured notes due 2014 issued by Bite Finance International BV to B- from CCC. The recovery rating is RR4.

The outlook is stable.

The upgrade reflects the deleveraging process that Bite has undergone over the past 12 months, Fitch said.

The improvement in EBITDA comes against the backdrop of difficult trading environments in Bite's markets of Lithuania and Latvia, the agency said.

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