Fitch trims Total Play, ends watch

Fitch Ratings said it downgraded Total Play Telecomunicaciones, SAPI de CV’s long-term foreign- and local-currency issuer default ratings to CCC+ from B-. The agency also lowered the company's outstanding balance of its senior unsecured debt due 2025 and 2028 to CCC/RR5 from B-/RR4. Fitch also removed the rating watch negative.

“The downgrade of Total Play's IDRs follows its announcement of a private exchange with a group of investors of $213.5 million of its $575 million senior unsecured notes due 2025 for amortizing senior secured bonds due in 2028 with a higher interest rate. The new 2028 notes will be secured by accounts receivables leaving the remaining of the original 2025 and 2028 notes in a weaker debt ranking,” Fitch said in a statement.

Total Play also announced that it plans to offer a similar alternative for the remaining 2025 notes in the short term.

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