The one notch uplift for higher recoveries that Fitch applies to regulated utility senior unsecured debt is no longer applied where a sovereign's rating falls below that of the utility's senior unsecured debt rating. Instead, in that case the senior unsecured debt rating is aligned with the utility's IDR. Fitch believes that the traditionally higher rates of recovery for utility senior debt are less predictable in a distressed sovereign environment than in the case of an idiosyncratic ...
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