Fitch rates WTT notes BB-

Fitch Ratings said it assigned long-term foreign- and local-currency issuer default ratings of B+ to WTT Investment Ltd.

The outlook is positive.

The agency also said it assigned an expected BB- rating with recovery rating of RR3 to the company's proposed senior unsecured notes.

WTT is an investment holding company that holds a 100% stake in Hong Kong-based WTT HK Ltd., Fitch explained.

The proposed bond is rated one notch higher than the issuer default rating, reflecting above-average recovery prospects as indicated by the RR3 recovery rating, Fitch noted.

The notes are guaranteed by most of the company's key operating subsidiaries, the agency said, and will be subordinated to any future secured debt of the issuer or its subsidiaries, including the proposed $50 million senior secured revolving credit facility, the agency said.

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