Fitch downgrades Mirax

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

The ratings were removed from Rating Watch negative and have been withdrawn.

The agency said the downgrade reflects its opinion that Mirax has experienced an uncured payment default on at least one of its debt obligations - Mirax failed to fully repay a $265 million loan with Credit Suisse on its scheduled maturity date of Feb. 9, 2009.

Although Fitch has not received copies of the relevant documentation, in the agency's opinion there is a high probability that any applicable grace period, cure period or default forbearance period has now expired without cure and a restricted default, as defined by the agency, has occurred.

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