Fitch downgrades VTR

Fitch Ratings said it downgraded the long-term local currency and foreign currency issuer default ratings of VTR Finance NV to B- from B.

Fitch also downgraded VTR Finance's $483 million senior notes due in 2028 to CCC+/RR5 from B-/RR5 as well as VTR Comunicaciones SpA's revolving credit facilities, senior secured notes of $474 million (2028) and senior secured notes for $391 million (2029) to B/RR3 from B+/RR3.

The Rating Watch negative has been maintained.

“The downgrades reflect a change in the ESG Relevance Score to 5 from 4 for Financial Transparency as a result of the very limited disclosure surrounding VTR's group structure and its financial strategy in the context of its combination with Claro Chile,” Fitch said in a news release.

“The RWN reflects the competitive pressures in the Chilean broadband market that could further pressure VTR's operating performance and credit metrics.”

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