Fitch cuts, withdraws Ideal Standard

Fitch Ratings said it downgraded Ideal Standard International SA's long- and short-term issuer default ratings to RD (restricted default) from CC and C, respectively.

At the same time, the agency withdrew all of the company’s ratings.

Fitch said the downgrade reflects conversion of all existing senior debt to equity, with very limited recovery prospects.

On March 27, an event of default was served to the agent of the existing noteholders. This triggered a conversion of the outstanding senior secured about €755 million bonds into equity, and an appropriation of the shares and shareholder loans by the bondholders Anchorage (Ceramo) and CVC.

Fitch said it withdrew the ratings due to a lack of information regarding the company’s future capital structure and its operations.

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