Restructuring of Apollo’s Brightspeed Inevitable, Fitch Says

Apollo Global Management-backed internet provider Brightspeed will need to restructure its debt load in the near future, Fitch Ratings said Friday.

Fitch slashed Brightspeed’s credit grade one notch to CCC, citing under-performance on earnings and declining liquidity, among other things. Fitch said it expects the company to burn substantial cash as it builds out its fiber network.