Fitch rates Jerrold FinCo notes BB-

Fitch Ratings said it assigned Jerrold FinCo plc's £200 million senior secured notes issue an expected rating of BB-(EXP).

Jerrold FinCo plc is a finance subsidiary of Together Financial Services Ltd. (BB-/stable; formerly Jerrold Holdings Ltd.).

Fitch expects the notes, which are guaranteed by Together and by other key group operating entities, to be used to reduce drawings under the Together group's securitization structures. Consequently, the issue should increase Together's overall funding capacity and slightly broaden the group's funding diversification.

The agency does not expect the notes issue to lead to an increase in Together's overall drawn leverage in the near-term.

The senior secured notes are rated in line with Together's long-term issuer default rating as Fitch views the probability of default on the notes as the same as the probability of default of Together. The notes' rating is therefore driven by the same considerations that drive Together's long-term issuer default rating.

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