DBRS rates Armtec BB

DBRS said it has assigned an issuer rating of BB (low) to Armtec Holdings Ltd. and a senior unsecured debt rating of BB.

The trends are stable.

The agency said that a recovery rating of RR3 has been assigned to the company's senior unsecured debt, which corresponds to the BB rating.

DBRS noted that the issuer rating largely reflects the Armtec's strong market positions, well-diversified product mix and free cash flow generation, partly offset by the relatively high business risk facing Armtec related to its acquisitive nature and exposure to economic and construction cycles.

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