Fitch changes CBC Ammo view to negative

Fitch Ratings said it affirmed the long-term foreign and local currency issuer default ratings of CBC Ammo LLC at BB.

The outlook was revised to negative from stable and the issuer default ratings were withdrawn.

The ratings were withdrawn for commercial reasons.

The negative outlook reflects the challenges that CBC faces, mainly through CBC Global Ammunition LLC and its subsidiaries to recover its financial flexibility and liquidity profile, Fitch said.

On a consolidated basis, CBC Global presents a weak liquidity position for its current ratings and experience a deterioration of its funding conditions within Brazilian banks, due to the contamination from Forjas Taurus SA's poor credit profile and debt restructuring, the agency added.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.