Fitch rates Victoria Acquisition notes B, Vendex debt BB

Fitch Ratings said it assigned Victoria Acquisition III BV's €275 million 7 7/8% senior notes due 2014 a B rating. The agency also assigned Koninklijke Vendex KBB BV, a subsidiary of Victoria Acquisition III BV, a senior unsecured BB- rating and its senior secured debt a long-term BB rating. The outlook is stable.

Fitch said the senior unsecured rating reflects Vendex's leading market position across different retail formats, strong brand awareness of its HEMA merchandise stores and the opportunities arising from integrating past acquisitions in the do-it-yourself business.

The strong portfolio of brands and unique private label product offering has enabled the apparel division to achieve margins above those of its peers, according to Fitch.

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