Fitch cuts Interpipe to RD

Fitch Ratings said it has downgraded Interpipe Ltd.'s long-term issuer default rating to RD from C.

The senior secured rating of the company's 2017 eurobonds is affirmed at C, Fitch said. The bond's recovery rating is RR4.

According to the agency, the downgrade of the long-term issuer default rating to RD reflects an uncured payment default following Interpipe's failure to make a scheduled principal debt repayment of $106 million on Nov. 1. Interest payments continue to be made.

Interpipe has initiated discussions with its lending group regarding a further restructuring of principal debt repayments, the agency stated.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.