Fitch Cuts Transtel on Debt Exchange

Fitch Cuts Transtel on Debt Exchange

Colombia

Fitch has lowered the ratings of Colombian telecom operator Transtel Intermedia to D from C, it says. The move follows the company’s announcement that it is seeking to exchange its 12% 2016 senior notes with new senior secured step-up notes. The agency finds that offer “qualifies as a distressed debt exchange due to the diminished terms of the proposed notes.” Transtel has made the exchange offer during the 30-day grace period following a missed December 1 coupon payment, Fitch notes, and

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