Fitch rates Digicel survivors

Fitch Ratings said it revised and assigned new ratings to the entire Digicel corporate family following the conclusion of the group’s distressed debt exchange. Specifically, Fitch assigned a new long-term foreign-currency issuer default rating to Digicel Group 0.5 Ltd. (DGL0.5) of CCC, downgraded Digicel Ltd. to RD from C and simultaneously upgraded to CCC from RD and affirmed Digicel International Finance Ltd. (DIFL) at CCC+.

Fitch downgraded the LT FC IDRs of Digicel Group Ltd. (DGL3), Digicel Group Two Ltd. (DGL2) and Digicel Group One Ltd. (DGL1) to D and withdrew the ratings, from C, RD, and RD, respectively.

Fitch said it withdrew its ratings on those entities’ unsecured instruments, including the non-tendered notes from the two debt exchanges. “Fitch expects these entities to remain dormant and hold the potential to be liquidated in the future,” the agency said in a press release.

“The ratings for the surviving entities in the corporate structure reflect the improvements Digicel’s financial structure and flexibility following the reorganization and restructuring, Fitch said.

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