Fitch downgrades Mulhacen

Fitch Ratings said it downgraded Mulhacen Pte Ltd.'s long-term issuer default rating and senior secured payment-in-kind toggle notes to CC from CCC.

“The rating action reflects our view of increased liquidity risks at Mulhacen and its reduced financial capacity to make cash coupon payments of its PIK toggle notes and repay the principal at maturity in 2023. We expect the PIK mechanism included in the notes to be activated at least in the next two coupon payments, which we view as evidence of heightened credit risks at Mulhacen,” Fitch said in a press release.

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