Fitch places IGD on watch

Fitch Ratings said it placed IGD SIIQ SpA's BBB- long-term issuer default rating and senior unsecured ratings on rating watch negative.

“The RWN reflects IGD's heightened liquidity risk as the company faces its €400 million bond due end-November 2024. By Nov. 28, 2023, Fitch would expect the company to demonstrate it will have sufficient liquidity in place to meet this scheduled debt maturity, probably through a combination of dedicated cash, committed funding to repay the debt, and definite disposal proceed plans,” Fitch said in a press release.

The agency said it aims to resolve the RWN if the company refinances its debt at least a year ahead of the maturity. “Failure to do so will lead to a downgrade of the ratings to the BB category.”

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