RIO DE JANEIRO--()--Fitch Ratings has withdrawn the 'B-/RR4' rating assigned to Sifco Capital Luxembourg S.A.'s (Sifco Luxembourg) USD200 million proposed senior secured notes issuance. Sifco Luxembourg is a fully owned subsidiary of Sifco S.A. (Sifco). The notes would be fully guaranteed by Sifco and its subsidiaries.
The withdrawal of the rating follows unfavorable market conditions to sell the bond. As there is no set time frame for resuming the issuance process, no rating is required at this time. Fitch will provide investors with further information on the bond if and when the issuer resumes the sale process.
Fitch continues to rate Sifco as follows:
--Foreign and local currency Issuer Default Ratings (IDRs) 'B-';
--USD75 million senior unsecured notes due 2016 'B-/RR4';
--National scale long-term rating 'BB+(bra)'.
The Rating Outlook is Stable.
Additional information is available at 'www.fitchratings.com'. The ratings above were solicited by, or on behalf of, the issuer, and therefore, Fitch has been compensated for the provision of the ratings.