Fitch lowers Interpipe to ‘RD’

Fitch Ratings announced on Friday that it downgraded Interpipe’s long-term issuer default rating from ‘CCC’ to ‘RD’ (Restricted Default). The agency also cut the pipe and railway wheel producer’s senior unsecured rating from ‘CCC’ to ‘C’, revised its recovery rating from ‘RR4’ to ‘RR6’, downgraded its short-term IDR from ‘C’ to ‘D’ and removed all its ratings from rating watch negative. Fitch said the moves reflect uncured payment default on some of Interpipe’s bank debt facilities and its confirmation of cross-default on major bank debt facilities and USD 200 mln Eurobonds.