Fitch eyes Auris positively

Fitch Ratings said it placed Auris Luxembourg II SA's (WSA) ratings, including its B- long-term issuer default rating and the B rating on Auris Luxembourg III Sarl's senior secured term loan, on rating watch positive (RWP), following the announcement of a planned refinancing of its capital structure.

“The RWP reflects significant deleveraging in WSA's new proposed capital structure, as it would reduce debt by almost €1 billion, resulting in a Fitch-defined EBITDA leverage below our 7x positive rating sensitivity. Furthermore, the proposed refinancing would also extend the maturity of the remaining debt by three more years, reducing refinancing risk,” the agency said in a press release.

Fitch said it intends to resolve the RWP and raise WSA's IDR by one notch to B and assign a stable outlook.

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