Fitch: Taylor Wimpey on positive watch

Fitch Ratings said it has changed the rating watch on Taylor Wimpey plc's long-term issuer default rating and senior unsecured CCC ratings and short-term C issuer default rating to positive from negative.

The recovery rating on Taylor Wimpey's senior unsecured debt instruments is at RR4, the agency said, adding that the rating action follows the announcement by Taylor Wimpey on April 30 that it has received bondholder consent to amend its debt facilities.

According to Fitch, this amendment of facilities should ensure that Taylor Wimpey does not breach financial covenants - at least over the near term - and as a result the risk of an imminent default has subsided considerably.

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