Fitch Chops Cap Cana Rating

Fitch Chops Cap Cana Rating

Corporate & Sovereign Strategy

Fitch has downgraded the rating on Cap Cana's $250m senior secured notes due 2013 to CC/RR4 from CCC/RR4 and keeps them on watch negative following an announcement of an expected restructuring of the bonds. Cap Cana is offering three different restructuring alternatives: an offer to repurchase up to $100m at 33.4 cents plus accrued interest; an exchanged note with an expected 2-year maturity extension along with an increased collateral package and an increased coupon; or an exchange for certif

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