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Prospect News home > News index > List of issuers E > Headlines for Ellaktor Value plc > News item |
Fitch downgrades Ellaktor
Fitch Ratings said it downgraded Ellaktor SA's long-term issuer default rating and Ellaktor Value plc’s €670 million notes to B from B+.
The outlooks are negative.
“The downgrade reflects continued cash leakage to support recurring losses from unrestricted subsidiaries outside of the restricted group (RG) and more specifically to Ellaktor's sister construction company, Aktor Construction. These actions represent a weakening of a prudent financial policy despite the strength of the ring-fence,” Fitch said in a news release.
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