Fitch rates Alexander Mann B

Fitch Ratings said it assigned Alexander Mann Solutions (Auxey Midco Ltd.) a B issuer default rating and B+/RR3 senior secured ratings. The outlook is positive.

“AMS' ratings reflect its small size, limited customer diversification and exposure to macro-economic pressures. Rating strengths include its market leadership across its niches, long-term contracted revenue visibility, industry growth drivers and an asset-light business model that supports free cash flow (FCF) generation and deleveraging capacity,” the agency said in a press release.

Fitch noted AMS extended the maturity of its term loans and revolving credit facility by adding two years to the revolving facility and term loan, to 2026 and 2027, respectively.

“The positive outlook reflects our expectation that EBITDA gross leverage will fall below our upgrade threshold of 4x by FY2024, from 5x in FY21,” Fitch explained.

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