Fitch rates Jerrold FinCo notes BB

Fitch Ratings said it assigned Jerrold FinCo plc's £100 million senior secured notes due 2024 an expected rating of BB(EXP).

The notes are guaranteed on a senior basis by Jerrold FinCo's parent company, Together Financial Services Ltd. (BB/stable). Jerrold FinCo plc is a finance subsidiary of Together.

Fitch said it expects the notes, which are guaranteed by Together and by other key group operating entities, to be predominately used to reduce drawings under the Together group's securitization structures.

Consequently, the agency expects the issue to increase Together's overall funding capacity and slightly broaden the group's funding diversification away from predominately securitization funding.

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

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.