Interpipe's rating cut by Fitch to 'CCC'

Yesterday Fitch Ratings took Interpipe’s long-term Issuer Default Rating down to ‘CCC’ from ‘B-‘, its short-term IDR to ‘C’ from ‘B’, and its senior unsecured rating to ‘CCC/RR4’ from ‘B-/RR4’. The ratings remain on Rating Watch Negative. According to Fitch, the downgrade reflects Fitch’s view that Interpipe’s capacity to meet its financial obligations and passing covenants testing in FY2008 and FY2009 is increasingly impaired.