Fitch cuts Independencia

Fitch Ratings said it downgraded Independencia SA's local- and foreign-currency issuer default ratings to C from CCC' and national scale rating to C(bra) from CCC(bra) and Independencia International Ltd.'s $165 million senior secured notes to C/RR4 from CCC/RR4 and second-lien secured exchange notes to C/RR6 from CC/RR6.

The downgrade reflects the company's inability to support its monthly payment obligations due to insufficient liquidity, according to the agency.

Independencia's leverage remains high and its EBITDA generation continues to be negative since 2009, the agency noted.

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