Fitch Downgrades IMPSA/WPEI/Venti's IDRs to 'D'; Plans to Withdraw Ratings

NEW YORK--(BUSINESS WIRE)-- Fitch Ratings has downgraded the foreign (FC) and local currency (LC) Issuer Default Ratings (IDRs) to 'D' from 'RD' for Industrias Metalurgicas Pescarmona S.A.I.C. y F. (IMPSA), WPE International Cooperatief U.A. (WPEI), and the companies' ultimate holding company, Venti S.A.'s (Venti) ratings.

Fitch has also affirmed the ratings for the following issuance of the Venti Group at 'C/RR4':

--USD390 million 10.375% senior unsecured notes due September 2020 and issued by WPEI.

Fitch plans to withdraw the ratings on or about May 30.

Fitch downgraded the ratings for IMPSA/WPEI/Venti as the company has entered into a restructuring process following failure to pay its financial obligations, including the rated WPEI 10.375% USD390 million senior unsecured international bonds due September 2020.

The downgrade to 'D' from 'RD' reflects the fact the company has missed its coupon payments on its WPEI notes since the Sept. 30, 2014 due date.

Given the company's restructuring efforts, the company has chosen to stop participating in the rating process. Therefore Fitch will no longer have sufficient information to maintain the ratings.

Fitch reserves the right in its sole discretion to withdraw or maintain any rating at any time for any reason it deems sufficient. Fitch believes that investors benefit from increased rating coverage by Fitch and is providing approximately 30 days' notice to the market on the withdrawal of the above ratings.

Fitch's last rating action on Venti and its various subsidiaries occurred on Nov. 13, 2015.

Additional information is available at 'www.fitchratings.com'.

Applicable Criteria and Related Research:

--'Corporate Rating Methodology' (May 28, 2014).

Applicable Criteria and Related Research:

Corporate Rating Methodology - Including Short-Term Ratings and Parent and Subsidiary Linkage

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=749393

Additional Disclosure

Solicitation Status

http://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=983978

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Fitch Ratings
Primary Analyst
Xavier Olave
Associate Director
+1 212-612-7895
Fitch Ratings, Inc.
33 Whitehall Street
New York, NY 10004
or
Secondary Analyst
Paula Garcia Uriburu
Director
56-2-499 3300
or
Committee Chairperson
Joe Bormann, CFA
Managing Director
+1 312-368-3349
or
Media Relations:
Elizabeth Fogerty, +1 212-908-0526
[email protected]

Source: Fitch Ratings

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