Fitch affirms UAB Bite

Fitch Ratings said it affirmed UAB Bite Lietuva's long-term issuer default rating at B- with a stable outlook. SIA EECF Bella FinCo's €30 million senior secured revolving credit facility were affirmed at B/RR3 and Bite Finance International BV's €190 million senior secured notes at B/RR3. Bite Finance's €110 million senior subordinated notes are affirmed at CCC+/RR5.

Bite performed well in 2007 and EBITDA growth resulted in reduced net leverage to 7.5 times as of the third quarter, from 9.2 times at closing, Michelle De Angelis, a senior director for Fitch, said in a written statement.

"Nonetheless, the B- [issuer default rating] reflects the still high leverage level, the negative free cashflow of the consolidated business and the continued investment needed to turn around the Latvian mobile operations, which have so far failed to gain a solid foothold in that market," De Angelis said.

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