Fitch assigns Vertical Holdco B

Fitch Ratings said it assigned Vertical Holdco GmbH a first-time expected long-term issuer default rating of B with a stable outlook.

Fitch also assigned Vertical Midco GmbH’s proposed €2.75 billion and Vertical U.S. Newco Inc.’s proposed €3.8 billion senior secured debt issues expected B+/RR3 and Vertical Holdco’s proposed €1.075 billion senior unsecured debt issue expected CCC+/RR6.

The proceeds will be used to acquire Thyssenkrupp Elevator by Vertical TopCo III GmbH, the parent company of all the aforementioned Vertical entities, from thyssenkrupp AG.

“The expected ratings are constrained by Thyssenkrupp Elevator’s high leverage post-debt issues and through the medium term and limited product diversification,” Fitch said in a press release.

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