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Prospect News home > News index > List of issuers U > Headlines for UAB Bitι Lietuva > News item
Published on 3/20/2009 in the Prospect News Emerging Markets Daily.

Fitch cuts Bite

Fitch Ratings said it has taken the following rating actions in respect of UAB Bite Lietuva following confirmation of the settlement of the purchase of €103.93 million of Bite Finance International BV's €110 million subordinated notes by Bite's holding company, Bite Finance International (Cayman) Ltd.:

• UAB Bite Lietuva's long-term issuer default rating downgraded to RD from C; and

• Bite Finance International BV's €110 million senior subordinated notes: affirmed at C; recovery rating revised to RR5 from RR6.

Fitch said that the revision of the recovery rating for Bite Finance International BV's subordinated notes reflects the higher recovery level received by tendering noteholders.


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