Ratings agency Fitch has downgraded Digicel Group Holdings and its subsidiaries.
The Long-Term Issuer Default Rating of Digicel Group Holdings has been changed from CCC to CCC-.
The credit rating for Digicel Limited is now CCC-, down from CCC+ and for Digicel International Finance CCC+, down from B-.
Fitch says the downgrade reflects the high refinancing risk of Digicel's US$925 million unsecured notes maturing in March 2023, due to challenging market conditions.
Limited cash flow from Digicel International Finance was also a consideration in the downgrades of Digicel Limited and Digicel Group Holdings.
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