Australian Steel Producer InfraBuild Faces ‘Imminent’ Default Risk, Fitch Says
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Fitch Ratings downgraded InfraBuild Australia Pty Ltd. further into junk, saying it sees an “elevated” probability that the Australian steel producer will default on $550 million of notes within the next three months.
The Australian steel producer is seeking to defer its audited financial statements originally due in October 2024 to beyond March 31, Fitch said as it lowered the firm’s long-term issuer rating to CC from CCC-. But the risk is that it fails to reach an agreement with a majority of bondholders, the ratings firm said in a report published Monday.