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Fitch raises Allison Transmission
Fitch Ratings said it upgraded the long-term issuer default ratings of Allison Transmission Holdings, Inc. and its Allison Transmission, Inc. (ATI) subsidiary to BB+ from BB. The agency also raised the ratings on ATI's senior unsecured notes to BB+/RR4 from BB/RR4. Fitch also affirmed the ratings on ATI's secured revolver and term loan at BBB-/RR1.
The ratings of Allison and ATI apply to a $650 million secured revolving credit facility, $627 million of secured term loan B borrowings and $1.9 billion of senior unsecured notes.
“The upgrade of Allison's ratings reflects Fitch's expectation that earnings and FCF will remain strong over the intermediate term, even if margins over the next several years do not fully rise back to pre-pandemic levels,” the agency said in a press release.
The outlook is stable.
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