...The ratings of Digicel Group Limited (DGL) and subsidiaries Digicel Limited (DL) and Digicel International Finance Limited (DIFL) reflect DGL's ongoing distressed debt exchange (DDE). On Aug. 31, 2018, Fitch Ratings downgraded DGL's Long-Term Issuer Default Rating (IDR) to `C' from `B¡'; the 2020 and 2022 notes were downgraded to `C'/`RR5'. At the same time, DL's IDR was downgraded to `CCC' from `B¡'; the 2021 and 2023 notes were downgraded to `CCC'/`RR4' from `B¡'/`RR4'. In addition, DIFL's IDR was downgraded to `CCC+' from `B¡'; the secured loan facility was downgraded to `CCC+'/`RR4' from `B¡'/`RR4'. The DL and DIFL ratings also were placed on Rating Watch Negative to reflect uncertainties regarding the restructuring process. The group's Pacific assets are held under another intermediate holding company, Digicel Pacific Limited (DPL), which Fitch does not rate. DGL is negotiating with a group of creditors, who rejected the initial terms of the exchange. If the negotiations result in...
