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Fitch cuts MIE Holdings to C
Fitch Ratings said it downgraded MIE Holdings Corp.’s long-term issuer default rating to C from CC and affirmed the rating of MIE’s $248.4 million 13¾% senior notes due April 2022 at C with a recovery rating of RR6.
“The downgrade follows MIE’s announcement that it was unable to pay the semi-annual interest payment of $17 million on its dollar-denominated senior notes on April 12.
The company entered a 30-day grace period to satisfy payment obligations. The grace period ends May 11.
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