Fitch changes Financiere IKKS to negative

Fitch Ratings said it revised the outlook on Financiere IKKS SAS' issuer default rating to negative from stable and affirmed the rating at B-.

The agency also affirmed HoldIKKS SAS' senior secured notes at B with a recovery rating of RR3 and IKKS Group SAS’ super senior revolving credit facility at B+ with a recovery rating of RR2 as constrained by the French soft cap due to the legal jurisdiction.

Fitch said the outlook revision reflects the weak 2016 interim performance, which is likely to affect the annual results.

It also challenges the agency’s view of the sustained level of operating profitability at Financiere IKKS and, ultimately, the degree of the execution risks embedded in its operations.

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