Fitch rates Subcalidora loan BB-

Fitch Ratings said it assigned Subcalidora 1 Sarl (Mediapro) a long-term issuer default rating of B with a stable outlook.

Fitch also assigned Subcalidora 2 Sarl's €500 million term loan A a senior secured rating of BB- with a recovery rating of RR2.

The rating follows the successful refinancing of the company's outstanding debt on July 28 and, consequently, improvement in leverage, liquidity and refinancing risk, Fitch said.

Mediapro has changed its group structure such that Subcalidora 1 Sarl is now the head of the restricted group. As a result, Fitch said it upgraded Invictus Media SAU’s IDR to B from CCC+ and withdrew it.

The ratings have been withdrawn following the refinancing of Mediapro's debt at Subcalidora 2 and repayment of the debt at Invictus Media.

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