Fitch cuts Mirax

Fitch Ratings said it has downgraded Mirax Group Holding BV's long-term foreign and local currency issuer default ratings to C from CCC and downgraded its national long-term rating to C(rus) from CCC(rus).

The agency said that the short-term foreign currency issuer default rating is C.

All the ratings remain on rating watch negative, according to Fitch.

The downgrade reflects Fitch's view that a default on one or more of Mirax's debt obligations is now imminent as a result of debt restructuring.

Specifically, Fitch said it has concerns that the announced debt restructuring may effectively be a distressed debt exchange.

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