Fitch downgrades Digicel Group

Fitch Ratings said it downgraded the long-term issuer default rating of Digicel Group Holdings Ltd. (DGHL) to CCC- from CCC as well as the IDR of Digicel Ltd. (DL) to CCC- from CCC+. The agency also lowered the IDR of Digicel International Finance Ltd. (DIFL) to CCC+ from B-.

“The downgrade of DL reflects the high refinancing risk of its $925 million unsecured notes maturing in March 2023 due to challenging market conditions; limited cash flow from DIFL was also a consideration in the downgrades of DL and DGHL.

“The downgrade of DIFL reflects the risk of a comprehensive restructure with incremental debt being added to its capital structure, as was done during Digicel's 2020 debt restructuring,” Fitch said in a press release.

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