Fitch lowers Brixton

Fitch Ratings said it has downgraded Brixton plc's senior unsecured rating to BB+ from BBB, its long-term issuer default rating to BB from BBB- and short-term issuer default rating to B from F3.

The agency said it has maintained the long-term issuer default rating and senior unsecured rating on rating watch negative.

The downgrades reflect Brixton's lack of any advanced plans to deal with a potential covenant breach following the June 2009 test date or upcoming debt maturities in 2010, the agency added.

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