Fitch downgrades Ellaktor

Fitch Ratings said it downgraded Ellaktor SA's long-term issuer default rating and Ellaktor Value plc’s €670 million notes to B from B+.

The outlooks are negative.

“The downgrade reflects continued cash leakage to support recurring losses from unrestricted subsidiaries outside of the restricted group (RG) and more specifically to Ellaktor's sister construction company, Aktor Construction. These actions represent a weakening of a prudent financial policy despite the strength of the ring-fence,” Fitch said in a news release.

© 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.