Fitch affirms Long-Term Issuer Default Rating and US-dollar senior secured notes at BB+; Outlook Stable
Fitch Ratings has affirmed the company's Long-Term Issuer Default Rating at 'BB+'.
- Rating Agency
- Fitch Ratings
- Long-Term Issuer Default Rating
- Affirmed at 'BB+'
- US-dollar Senior Secured Notes Rating
- Affirmed at 'BB+'
- Outlook
- Stable
What the company informed the exchanges
The company has informed the stock exchanges that Fitch Ratings has affirmed its Long-Term Issuer Default Rating and the rating on its US-dollar senior secured notes at 'BB+'. The Outlook is Stable. An affirmation means the rating agency has reviewed the credit profile and kept the existing rating at the same level.
The two ratings as given in the update
- Long-Term Issuer Default Rating: earlier rating BB+, revised rating BB+, status Affirmed
- US-Dollar Senior Secured Notes: earlier rating BB+, revised rating BB+, status Affirmed
What these terms mean in simple words
An Issuer Default Rating is Fitch's view of how likely a borrower is to not meet its financial obligations. It is an assessment of creditworthiness and is not a view on the share price. A senior secured note is a US-dollar bond issued by the company to overseas investors. "Senior secured" indicates those lenders rank ahead of certain other claims and have security backing. BB+ falls in Fitch's non-investment grade category, often described as high yield or below investment grade. A Stable Outlook indicates Fitch does not currently expect the rating to change in the near term.
Why an affirmation matters
An affirmation with a Stable Outlook indicates the credit profile has not moved enough for Fitch to upgrade or downgrade the rating. For a company that borrows, the rating level can influence the cost and availability of overseas borrowing. The update itself does not discuss borrowing costs. The table shows the earlier and revised rating at the same level, BB+, for both the issuer rating and the notes.
Where the rationale sits
The company has asked readers to refer to Fitch Ratings' own communication for the ratings rationale and other details.
For a retail investor
- The operative facts are the two ratings and the Stable Outlook.
- Both ratings are unchanged from the earlier level; the status is Affirmed.
- The rating reflects an agency's assessment of creditworthiness, not a recommendation on the shares.
In short
Both Fitch ratings remain at 'BB+' with a Stable Outlook, an affirmation rather than an upgrade or a downgrade.
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More numbers
- Long-Term Issuer Default Rating (earlier and revised)BB+
- US-Dollar Senior Secured Notes rating (earlier and revised)BB+
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