Fitch ends watch on Eurotorg

Fitch Ratings said it affirmed Eurotorg LLC's B- long-term foreign-currency issuer default rating, and Bonitron DAC's B- senior unsecured bond rating and removed them from rating watch negative. The outlook is stable and the recovery rating on the senior unsecured bond is RR4.

“The removal of RWN reflects the diminished risk of default by Eurotorg in connection with the operating and funding environment in which it operates. This is due to a lower amount of foreign-currency debt; the re-domiciliation of Eurotorg Holding plc (the sole shareholder of Eurotorg) to United Arab Emirates from the E.U. and a resilient trading performance in 2023 despite regulatory restrictions on passing cost inflation onto selling prices,” Fitch said in a press release.

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