Fitch upgrades Viridian, rates notes BB, revolver BB+

Fitch Ratings said it upgraded Viridian Group Investments Ltd.'s long-term issuer default rating to BB- from CCC and removed it from Rating Watch positive.

Fitch also assigned Viridian Group Fundco II Ltd.'s notes a senior secured rating of BB and Viridian Group Ltd.'s and Viridian Power and Energy Holdings Ltd.'s super senior revolving credit facility a senior secured rating of BB+.

The outlook is negative.

Fitch said the upgrade is driven by the completed refinancing of its senior loan and Viridian's Group Holdings Ltd.'s junior debt from the proceeds of the senior notes issued, new equity and other instruments.

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