Fitch Downgrades MMI International and Withdraws Ratings
Fitch has simultaneously withdrawn the ratings as MMI has chosen to stop participating in the rating process. Therefore, Fitch will no longer have sufficient information to maintain the ratings. Accordingly, Fitch will no longer provide ratings or analytical coverage for MMI and PCPL.
The downgrade reflects MMI's higher leverage following the adoption of a more aggressive financial profile, which includes a five-year USD520m syndicated bank loan and a USD60m revolving facility, which were used to repay the company's USD300m of senior secured notes and the USD180m secured bank loan.
FULL LIST OF RATING ACTIONS
MMI International Ltd
- Long-Term Foreign-Currency IDR downgraded to 'B+' from 'BB-'; Stable Outlook assigned and rating withdrawn;
- Senior secured debt class rating downgraded to 'B+'/RR4 from 'BB-'; rating withdrawn.
Precision Capital Private Limited
- Long-Term Foreign-Currency IDR downgraded to 'B+' from 'BB-'; Stable Outlook assigned and rating withdrawn.
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