Fitch Ratings has downgraded
Fitch has also downgraded
Key Rating Drivers
The downgrades reflect that a bankruptcy proceeding is ongoing, as signaled by the announcement made by the company on
As of today, the company is not paying any of its creditors, its grace periods under its debt instruments have expired and is not originating loans or leases.
Rating Sensitivities
Factors that could, individually or collectively, lead to negative rating action/downgrade:
The IDRs and debt ratings cannot be downgraded as they are at the lowest levels on Fitch's rating scales.
Factors that could, individually or collectively, lead to positive rating action/upgrade:
Fitch could reassess
The company's debt ratings are expected to move in tandem with any changes to
Fitch will monitor the sufficiency of information to evaluate the entity's creditworthiness, which could result in rating withdrawals at the current levels if the entity does not disclose sufficient information to Fitch and the market.
Best/Worst Case Rating Scenario
International scale credit ratings of Financial Institutions and Covered Bond issuers have a best-case rating upgrade scenario (defined as the 99th percentile of rating transitions, measured in a positive direction) of three notches over a three-year rating horizon; and a worst-case rating downgrade scenario (defined as the 99th percentile of rating transitions, measured in a negative direction) of four notches over three years. The complete span of best- and worst-case scenario credit ratings for all rating categories ranges from '
Summary of Financial Adjustments
Fitch reclassified pre-paid expenses as intangibles and deducted from total equity due to low loss absorption capacity under stress.
REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF RATING
The principal sources of information used in the analysis are described in the Applicable Criteria.
ESG Considerations
Fitch revised the ESG Relevance Score for Management Strategy to '3' from '5' as it is minimally relevant in the context of
Fitch revised the ESG Relevance Score for Financial Transparency to '3' from '4' as it is minimally relevant in the context of
Fitch revised the ESG Relevance Score for Governance Structure to revise to '3' from '4' as it is minimally relevant in the context of
Unless otherwise disclosed in this section, the highest level of ESG credit relevance is a score of '3'. This means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. For more information on Fitch's ESG Relevance Scores, visit www.fitchratings.com/esg.
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