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Fitch cuts MHP
Fitch Ratings said it cut MHP SE's long-term foreign- and local-currency issuer default ratings and senior unsecured rating to C from CCC.
The downgrade follows MHP's announcement it will exercise a grace period after missing the $11 million interest payment on its $350 million of 6¼% bonds that was due on March 19, the agency said.
“This follows the severe operational disruptions resulting from Russia's invasion of Ukraine. MHP's C IDRs denote that a default or default-like process has begun,” Fitch said in a press release.
MHP is seeking a 270-day extension to the 30-day grace period. It has two other coupon payments due in April and May for $38 million, which the agency said it expects will not be made.
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