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Fitch downgrades Digicel Ltd.
Fitch Ratings said it downgraded Digicel Ltd. to C from CCC, and its outstanding debt instruments, including the 2021 and 2023 notes to C/RR4 from CCC/RR4.
The agency also downgraded Digicel International Finance Ltd. to CCC+ from B-/negative, and its outstanding debt instruments, including the 2024 notes and the 2025 credit facility to CCC+/RR4 from B-/RR4. Fitch removed the negative outlook from DIFL.
On Wednesday, Digicel Group Ltd. announced it would seek creditor approval to restructure debt at multiple levels. The proposed restructuring involves a reorganization of the corporate structure, as well as an exchange of existing debts for new instruments at a discount.
The proposed restructuring qualifies as a distressed debt exchange for Digital Ltd., Fitch said.
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