OREANDA-NEWS. Fitch Ratings has downgraded French media group Solocal Group SA's (SLG) Long-Term Issuer Default Rating (IDR) to 'C' from 'CC'. At the same time the agency has downgraded the senior secured bonds issued by PagesJaunes Finance to 'C'/'RR4' from 'CCC-'/'RR3'.

The downgrades reflect management's announced plans to restructure debt, include an equity rights issue of up to EUR400m, debt for equity exchange and write-down of existing borrowings, the gross amount of which currently stands at EUR1,164m. The company has indicated its aim of reducing net debt/EBITDA to 1.5x from the current 4.2x and outstanding debt to EUR400m from EUR1,164m at present.