Fitch downgrades Tele Columbus

Fitch Ratings said it downgraded Tele Columbus AG's long-term issuer default rating to RD, Restricted Default, from C following the completion of a recapitalization transaction on March 19.

The agency said it also affirmed TC's senior secured debt ratings at CC with an RR3 recovery rating.

The restructuring included a €300 million equity investment and restructuring of the terms of the debt.

Fitch said it subsequently withdrew all TC's ratings for commercial reasons.

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