Fitch assigns BB to Emeco notes

Fitch Ratings said it assigned a BB rating to the A$250 million of notes due July 2026 sold by Emeco Pty Ltd., a wholly owned subsidiary of Emeco Holdings Ltd. The recovery rating is RR3.

“The A$250 million senior notes are rated one notch above Emeco's issuer default rating (IDR), as noteholders benefit from a first-ranking security over all of the obligors, who are the issuer and guarantor, and over the property. The obligors represent at least 90% of Emeco's consolidated total assets,” the agency said in a press release.

The outlook is stable.

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