Fitch gives International Personal bond BB-

Fitch Ratings said it assigned International Personal Finance plc’s upcoming issue of euro-denominated unsecured bonds a BB- rating.

Fitch said it downgraded the company’s long-term issuer default rating and senior unsecured debt rating to BB- from BB. The agency placed International Personal Finance’s long-term IDR and senior debt rating on rating watch negative.

“The rating action follows IPF’s announcement on Oct. 14, 2020, that it had launched an exchange offer for its €412 million senior unsecured bond (XS1054714248) maturing in April 2021 (of which €397 million is outstanding) and that it is in the process of amending its bank covenants that have become necessary because of the negative impact the pandemic is likely to have on IPF’s covenant tests at future testing dates,” Fitch said in a press release.

The rating watch placements reflect the view IPF could be downgraded again if the refinancing of its April 2021 bond maturity were delayed or not successfully executed in line with terms announced on Wednesday, the agency said.

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