Fitch cuts Ideal Standard, notes to C

Fitch Ratings said it downgraded Ideal Standard International SA's long-term issuer default rating to C from CC and affirmed its short-term issuer default rating at C.

The agency also downgraded Ideal Standard's €275 million senior secured notes to C from CC with a recovery rating of RR4.

Fitch said the downgrade of the issuer default rating follows Ideal Standard's exchange offer for its €275 million senior secured notes due 2018. If the exchange offer is successful, it will downgrade the issuer default rating to RD (Restricted Default) on settlement.

Subsequently, Fitch will re-assess Ideal Standard upon the conclusion of the proposed new €40 million super-senior financing, part exchange of the tranches created in the exchange into equity or the implementation of an alternative capital structure arising out of the exchange offer process.

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