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Fitch confirms Rank, off watch
Fitch Ratings confirmed Rank Group plc's senior unsecured debt at BB+ and removed it from Rating Watch Negative. The outlook is stable.
Fitch said the action follows Rank's announcement that it has secured a new £400 million bank facility, alleviating Fitch's concern about the company's liquidity.
The current rating reflects the group's relatively high business risk and its increased level of senior unsecured debt that will follow the redemption of its subordinated convertible preference shares on Dec. 9, Fitch said.
The stable outlook reflects Fitch's expectation of no further increase in leverage from its current level. On a pro forma basis, Rank's lease-adjusted net debt to annualised EBITDAR stands at 3.5x at the first half of 2003.
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