Fitch downgrades Mulhacen

Fitch Ratings said it downgraded Mulhacen Pte Ltd.'s long-term issuer default rating and its senior secured payment-in-kind notes to CCC from BB- to reflect the heightened risk of the PIK mechanism being activated, which would constitute a default of the notes and Mulhacen under Fitch's criteria.

The rating actions follow the unexpected adverse ruling by Spain's supreme court last week on a usury-related case at WiZink Bank SA, Mulhacen's sole investment.

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