Fitch Ratings has affirmed and withdrawn MIE Holdings Corporation's Long-Term Issuer Default Rating (IDR) of 'C'.

The rating on MIE's USD248.4 million 13.75% senior notes due April 2022 has also been affirmed at 'C' with a Recovery Rating of 'RR6' and withdrawn.

The ratings were withdrawn with the following reason: For Commercial Purposes

KEY RATING DRIVERS

The IDR was affirmed at 'C' because MIE was unable to pay the semi-annual coupon of USD17 million on its USD248.4 million 13.75% notes. The coupon was due on 12 April 2020 and the company has a 30-day grace period until 11 May 2020 to satisfy the payment obligation. The affirmation of the rating on MIE's US dollar senior notes reflects an unchanged Recovery Rating of 'RR6'.

RATING SENSITIVITIES

Rating sensitivities are no longer relevant as the ratings have been withdrawn.

BEST/WORST CASE RATING SCENARIO

International scale credit ratings of Non-Financial Corporate issuers have a best-case rating upgrade scenario (defined as the 99th percentile of rating transitions, measured in a positive direction) of three notches over a three-year rating horizon; and a worst-case rating downgrade scenario (defined as the 99th percentile of rating transitions, measured in a negative direction) of four notches over three years. The complete span of best- and worst-case scenario credit ratings for all rating categories ranges from 'AAA' to 'D'. Best- and worst-case scenario credit ratings are based on historical performance. For more information about the methodology used to determine sector-specific best- and worst-case scenario credit ratings, visit https://www.fitchratings.com/site/re/10111579.

REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF RATING

The principal sources of information used in the analysis are described in the Applicable Criteria.

ESG CONSIDERATIONS

The highest level of ESG credit relevance, if present, is a score of 3. This means ESG issues are credit-neutral or have only a minimal credit impact on the entity(ies), either due to their nature or to the way in which they are being managed by the entity(ies). For more information on Fitch's ESG Relevance Scores, visit www.fitchratings.com/esg.

RATING ACTIONS

ENTITY/DEBT	RATING	RECOVERY	PRIOR
MIE Holdings Corporation	LT IDR	C 	Affirmed		C
LT IDR	WD 	Withdrawn		C

senior unsecured

LT	C 	Affirmed	RR6	C

senior unsecured

LT	WD 	Withdrawn		C

VIEW ADDITIONAL RATING DETAILS

Additional information is available on www.fitchratings.com

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