Fitch Cuts Mountain Province Diamonds' Rating

Fitch Cuts Mountain Province Diamonds' Rating

Fitch Ratings said Tuesday that it has downgraded Mountain Province Diamonds Inc.'s

issuer default rating to CC from CCC.

Also, the rating agency lowered the senior secured notes to CC/RR4 from CCC/RR4.

The downgrade reflects the increasing uncertainty that the company will be able to obtain financing to address the notes due December 2022. It also reflects Fitch's view that the company may need to pursue a distressed debt exchange in the next four months in order to avoid bankruptcy.

The company's stock remained unchanged on last look on Wednesday.