10:52 AM EDT, 06/12/2024 (MT Newswires) -- Fitch Ratings said Tuesday that it has the ratings of WildBrain ( WLDBF ) , including its long-term issuer default rating of "B+" and its outstanding term loan and revolver of "BB+"/"RR1," on Rating Watch Negative.

"The rating action reflects near-term refinancing risks related to the upcoming maturity of its convertible debentures, which if unconverted, increases the likelihood of cross-default risks for the company's senior secured facilities," the rating agency said.

Additionally, Fitch believes that multiple financing options are being pursued and WildBrain ( WLDBF ) will be able to meet its upcoming maturity, yet significant risk remains given the short time to maturity.

Fitch expects to resolve the Rating Watch Negative by the accelerated maturity date of WildBrain's ( WLDBF ) revolving facility. The earliest possible date is expected to be June 30.

WildBrain ( WLDBF ) is a Canadian media, animation studio, production, and brand licensing company.

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