Fitch assigns Americold facility BBB

Fitch Ratings said it gave a BBB rating to Americold Realty Operating Partnership, LP's $270 million delayed-draw term loan facility.

Concurrently, the agency affirmed the long-term issuer default rating for Americold Realty Trust (COLD), Americold Realty Operating Partnership, and debt for Americold Realty Operating Partnership at BBB. The agency also revised the outlook to negative from stable.

“Fitch has revised Americold's rating outlook to negative from stable given the company's recent operations have come under pressure, driven by labor disruptions and inflation in the food supply chain, causing reduced margins and occupancy declines for Americold, as food production declines occurred in 2H21 and into 2022,” the agency said in a press release.

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