Fitch ends watch on Eurohold

Fitch Ratings said it affirmed Eurohold Bulgaria AD's long-term issuer default rating at B and removed it from rating watch negative. The outlook is stable.

“The removal from RWN reflects our view of Eurohold's reduced reputational risk and liquidity crunch risk stemming from the license withdrawal and bankruptcy procedure of its former material subsidiary Euroins Romania Asigurare-Reasigurare SA (Euroins Romania). The creditors and bondholders of Eurohold have given their consent to waive events of default under the group's debt documentation in relation to Euroins Romania,” Fitch said in a statement.

Euroins is no longer considered “a material subsidiary” of Eurohold by the bondholders and other creditors. Additionally, Eurohold has written off Euroins Romania business from its 2022 annual accounts because a regulator has taken control of the Romanian subsidiary.

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