Fitch lowered by two notches the rating of Abengoa
Madrid – The US rating agency Fitch fell Monday by two notches the rating of long-term debt of the Spanish renewable energy specialist Abengoa , placing it in partial default when she was already speculative grade.
The note went from DC to RD, Fitch announced in a statement. This decision was taken after the announcement Thursday Abengoa has not honored the payments due under several bond issues for a total amount of 13.7 million euros.
The note RD reflects a default on debt securities but do not involve bankruptcy or cessation of activity.
Fitch says it could raise the rating of the Spanish company if it managed to increasing its liquidity via an agreement with its creditors or a capital injection from an investor or a third party.
Abengoa, weighed down by a heavy debt, expressed on 25 November Pre-filing for bankruptcy.
The Andalusian industrial group is negotiating with its banks to find a solution allowing it to avoid bankruptcy. According to a source close to the case, Abengoa needs 100 million euros to pay salaries and complete the month of December.
Moody’s had already lowered a notch Friday Note Abengoa, the passing Caa2 to Caa3, for the same reasons, matching the change from a negative perspective.
gr-cj / pre
(© AFP / December 14, 2015 8:40 p.m. )
(AFP / 12/14/2015 8:42 p.m.) ->
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