Fitch: HT Global notes BB-

Fitch Ratings said it assigned a final rating of BB- to HT Global IT Solutions Holdings Ltd.'s $300 million 7% senior notes due 2021.

The final rating follows the receipt of documents conforming to information already received and is in line with the expected rating assigned June 28, Fitch said.

The notes are secured by Baring Asia Private Ltd.'s 100% equity stake in HT Global and the interest reserve account, the agency said.

The notes are rated in line with HT Global's long-term foreign-currency issuer default rating, Fitch explained.

The proceeds will be used to refinance its existing debt and pre-fund two years of interest on the notes, the agency said.

HT Global owns a 71.3% stake in Indian IT service provider, Hexaware Technologies Ltd., Fitch said.

The notes will be subordinate to any potential debt at Hexaware or other operating subsidiaries, the agency said. Hexaware and other operating subsidiaries do not currently have any debt and management aims to keep the businesses debt-free, Fitch added.

HT Global also has limited capacity to take on additional debt as there is a bond covenant that requires a debt-to-EBITDA ratio of 3.75x, the agency said.

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