Fitch changes Rolls-Royce & Partners view

Fitch Ratings said it revised the outlook on Rolls-Royce & Partners Finance Ltd.'s long-term Issuer default rating to negative from stable and has affirmed the rating at BBB.

At the same time, Fitch affirmed the senior secured notes issued by RRPF Engine Leasing Ltd. and unconditionally and irrevocably guaranteed by Rolls-Royce & Partners at BBB+.

The agency said the action follows similar action on Rolls-Royce plc (BBB+/ negative) and also reflects an expectation that the coronavirus outbreak has increased downside risks to Rolls-Royce & Partners’ stand-alone creditworthiness, in particular with regards to its profitability, asset quality (including residual value risks) and capitalization and leverage.

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