Kaisa downgraded yet again
On the downgrade, Fitch says that it "reflects the likelihood that Kaisa missed the interest payments on its senior unsecured notes and entered the consequent 30-day grace period before non-payment constitutes an event of default".
This relates to Kaisa's $58.8 million coupon payment due on 11 November and $29.9 million coupon payment due on 12 November, which Fitch says that it has not obtained any confirmation that those payments were made.
It was exactly a week ago that Fitch downgraded Kaisa to 'CCC-' here.
