Fitch slices Signa Development

Fitch Ratings said it downgraded Signa Development Selection AG's long-term issuer default rating to C from CCC-, removed it from rating watch negative and withdrew Signa Development's senior unsecured ratings and Signa Development Finance SCS' bond ratings, both CCC+/RR2.

On Friday, Signa Development Finance announced that Signa Development and its group companies seem highly likely to file insolvency proceedings in the very near term. “This application is an event of default under the terms of the rated notes,” Fitch said in a statement.

Additionally, the agency noted it withdrew the bond ratings because it lacks the information to “calculate meaningful recovery estimates.”

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