Fitch drops Digicel to CC

Fitch drops Digicel to CC

Credit Ratings Fitch Ratings Downgrade Telecoms Mobile Debt Bonds Fixed Income Capital Markets Jamaica Haiti Caribbean

Fitch Ratings said Thursday that it downgraded Digicel to CC from CCC- on "very high credit risk" as the Jamaica-based mobile phone company faces a $925 million bond payment next month. Digicel has asked bondholders to grant a 30-day grace period that could be extended to 90 days of the company reaches a restructuring agreement, Fitch said in a report.  Fitch also downgraded the subsidiary Digicel International to CC from CCC+, saying the fuel crisis in Haiti has hurt the company's performance. 

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