Fitch ups Global Cloud Xchange

Fitch Ratings said it downgraded Global Cloud Xchange Ltd.'s long-term foreign- and local-currency issuer default ratings to C from CC.

Fitch also downgraded the rating on its $350 million 7% senior secured notes due 2019 to CCC- from CCC with a recovery rating of RR2.

“The downgrade reflects that GCX has entered into a temporary negotiated waiver following a payment default on bond and interest due on Aug. 1,” the agency said in a news release.

“The notes, issued by subsidiary, GCX Ltd., are rated two notches higher than GCX's issuer default rating due to our bespoke recovery analysis assumptions, which indicate recoveries in the RR2 range.”

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