The international rating agency has recently demoted LSR Group’s long-term Issuer Default Rating (the foreign currency one) and their priority, unsecured rating from B to B-. What is more, the Group’s long-term Issuer Default Rating has been placed on the Rating Watch as Negative.

‘The drop is reflexive of Fitch’s feeling that the company is faced with an increased risk of not getting the financing needed in due time. Meanwhile, the Group needs this money to pay off its short-term debts,’ Fitch Ratings reports.

The agency also took into account the fact that LSR Group’s liquidity figures went down from 0.6x to 0.5x.