Fitch affirms Interpipe

Fitch Ratings said it affirmed Interpipe Ltd.'s long-term issuer default rating at RD (restricted default), along with its senior rating at C and recovery rating at RR6.

Fitch also said it has withdrawn the company's short-term issuer default rating of D.

The affirmations reflect Interpipe's ongoing negotiations with its lenders to restructure existing debt, the agency said.

The ratings were downgraded to RD in December 2009, reflecting the uncured payment default on some of Interpipe's bank debt facilities and the company's confirmation of its cross-default on its major bank debt facilities and $200 million of eurobonds, the agency said.

The RR6 recovery rating indicates poor recovery prospects in a default, Fitch said.

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