Fitch lowers Mriya Agro

Fitch Ratings said it downgraded Mriya Agro Holding Public Ltd.’s long-term foreign-currency issuer default rating to RD (restricted default) from C.

The agency also said it downgraded the company’s short-term foreign-currency issuer default rating to RD from C. Fitch also affirmed its foreign-currency senior unsecured rating at C with a recovery rating of RR4 and national long-term rating to RD(ukr) from C(ukr).

The downgrades follow the uncured default on a coupon payment in September 2014, following the expiration of a 30-day grace period, Fitch said, and no subsequent coupon payment or public announcement about material progress of debt-restructuring discussions with its creditors.

The agency also said it believes that a distressed-debt exchange is inevitable, which is likely to lead to significant losses for Mriya’s bondholders and other creditors.

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