Fitch Ratings downgraded Alpha Holding’s (AlphaCredit) long-term local and foreign currency issuer ratings to CC from B, its short-term foreign and local currency issuer ratings to C from B, and its senior unsecured notes to CC from B. This downgrade incorporates Alpha Credit’s April 20 announcement wherein the non-bank lender acknowledged accounting errors worth $200mn in its 2019 and 2018 financial statements, the quarterly financial statements for 2020 and any financial reports released related to those periods. This comes after Moody’s cut AlphaCredit to Caa2 last Thursday, when its dollar bonds plummeted losing over 50% to now trade in their 30s.
Alpha´s USD bonds remained unchanged. Its 9%2025s at 34.125, yielding 48.58% and its 10% 2022s at 34.5, yielding 97.26%.
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