Fitch cuts, withdraws Redexis

Fitch Ratings said it downgraded Redexis Gas, SA's long-term issuer default rating to BB+ from BBB- and removed it from Rating Watch negative.

The outlook is stable.

Fitch also said it downgraded Redexis' and Redexis Gas Finance BV's senior unsecured ratings to BBB- from BBB and removed it from negative watch.

The agency also said it withdrew all of the ratings for commercial reasons.

Fitch said it will no longer provide ratings or analytical coverage for Redexis.

The downgrades reflect expectations of a substantial increase in leverage following the extraordinary dividend payment of €220 million last week and expectations of Redexis' higher tolerance for leverage thereafter, which is no longer commensurate with a BBB- rating, the agency explained.

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