Fitch downgrades MIE Holdings

Fitch Ratings said it downgraded MIE Holdings Corp.'s long-term issuer default rating to B- from B.

MIE's senior unsecured rating and the ratings on MIE's $200 million notes due 2018 and $500 million notes due 2019 were downgraded to B- from B with a recovery rating of RR4.

All of the ratings remain on Rating Watch negative.

The downgrade reflects the challenges facing MIE from weaker than previously expected oil prices and the company's weakened financial flexibility, Fitch said.

MIE's operating cash generation will weaken further in 2016 due to low oil prices and drop in its oil- and gas-production, the agency said.

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