Fitch drops Parex

Fitch Ratings said it has downgraded Parex Banka's long-term issuer default rating to BB from BB+ and individual rating to F from C/D.

In addition, Fitch said it has placed the long-term issuer default rating on rating watch negative.

The senior unsecured ratings are also downgraded to BB and put on rating watch negative, Fitch said, noting that it has affirmed the bank's short-term issuer default rating at B, support rating at 3 and support rating floor at BB.

Fitch said that the ratings are now at the support rating floor and reflect the support Parex received from the government in the form of liquidity injection and guarantee of €775 million of syndication loans that are coming due in 2009.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.