Fitch gives MIE notes B

Fitch Ratings said it affirmed MIE Holdings Corp.'s long-term issuer default rating at B with a stable outlook and its senior unsecured rating at B.

The agency also affirmed the ratings on the $400 million notes due May 2016 and the $200 million notes due February 2018 issued by MIE at B with recovery rating of RR4.

Simultaneously, Fitch assigned an expected rating of B(EXP) to MIE's proposed dollar-denominated notes with a recovery rating of RR4.

The company is expected to use most of the proceeds from the notes for refinancing purposes.

The notes are rated at the same level as MIE's senior unsecured rating because they represent direct, unconditional, unsecured and unsubordinated obligations of the company, the agency said.

© 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.