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Fitch downgrades Digicel
Fitch Ratings said it downgraded the long-term foreign currency issuer default ratings for Digicel Group Ltd. and subsidiaries Digicel Ltd. and Digicel International Finance Ltd. to B- from B.
The outlook was changed to negative from stable.
The agency concurrently downgraded the issuers' debt issuances to CCC+/RR5 from B-/RR5 for Digicel Group, to B-/RR4 from B/RR4 for Digicel and to B-/RR4 from B+/RR3 for Digicel International.
“The downgrades reflect the sustained increase in leverage as debt has risen while revenues and profitability have declined,” Fitch said in a news release.
“As of March 31, 2018, the company's net debt, including capitalized operating rentals, stands at 7.0x EBITDAR.”
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