Fitch drops Omaxe

Fitch Ratings said it has downgraded Omaxe Ltd.'s to D from BB-(ind) to reflect the agency's assessment of the company undergoing a coercive debt exchange.

Simultaneously, the agency said it has re-assigned Omaxe a national long-term rating of B-(ind) to reflect its post-restructuring credit profile.

As a result of these actions, the rating watch negative on the national long-term rating has been resolved, Fitch noted.

The outlook is negative.

According to the agency, the downgrade of the national long-term rating reflects Fitch's treatment of Omaxe's financial restructuring with banks, financial institutions and mutual funds as coercive.

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