Fitch downgrades Altura

Fitch Ratings said it downgraded Altura Mining Ltd.’s long-term foreign-currency issuer default rating to D from CCC+/stable following the appointment of administrators by lenders.

Altura had planned to raise around A$200 million in equity from new shareholders to recapitalize its balance sheet and reduce its financing cost. Lenders also provided several covenant waivers to help the company’s operations and the recapitalization process, Fitch said.

“However, the recapitalization plans appear to have been shelved with the lenders appointing administrators who are now in control of the company. The administrators have announced that they plan to market the company’s assets for sale and recapitalization,” Fitch said in a press release.

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