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Fitch downgrades Getlink
Fitch Ratings said it downgraded Getlink SE's 700 million of green bonds to BB from BB+. Fitch also affirmed Channel Link Enterprises Finance plcs notes at BBB. Channel Link is a unit of Getlink.
The downgrade of Getlink's notes reflects expectations that additional debt will be raised at Getlink through a tap of the 700 million of notes, which is expected to increase debt at Getlink to 850 million, the agency said.
The increased leverage results in heightened refinancing risk of Getlink's notes. The tap underpins management's strategy to pursue a sustained policy of progressive debt increase at Getlink, which Fitch believes comes with additional risks to existing creditors amid a fairly loose covenant package, the agency said in a press release.
The outlooks are stable.
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