Fitch slashes VTR

Fitch Ratings said it downgraded VTR Finance NV’s long-term local-currency and foreign-currency issuer default ratings to CCC- from B-. The agency also cut VTR Finance's senior $483 million of notes due in 2028 to CC/RR5 from CCC+/RR5 as well as VTR Comunicaciones SpA's revolving credit facilities, senior secured notes of $474 million due in 2028 and $391 million of senior secured notes due in 2029 to CCC/RR3 from B/RR3.

The agency removed the rating watch negative.

“The downgrades are based on increased pressured financial flexibility in 2022 and lower FFO generation than previously expected by Fitch, and the expectation of relevant challenges to secure additional funds to serve its interest payments in the next 12-18 months. Also, the downgrade considers Fitch's expectation of weak operational performance in 2023, given the continuation of a highly competitive environment,” the agency said in a press release.

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