Fitch lowers Together

Fitch Ratings said it downgraded Together Financial Services Ltd.'s long-term issuer default rating to BB- from BB and removed it from rating watch negative.

Also, Fitch downgraded the senior toggle notes issued by Together's indirect holding company Bracken Midco1 plc to B/RR6 from B+/RR6 and removed from RWN.

“The downgrade of Together largely reflects Fitch's view that the economic impact from the coronavirus pandemic and related mortgage payment holiday will put pressure on asset quality, liquidity and ultimately revenue and earnings stability,” Fitch said in a press release.

The outlook is negative.

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