Fitch trims Eversholt

Fitch Ratings said it downgraded the senior secured rating of the bonds issued by Eversholt Funding plc to BBB+ from A-. Fitch also downgraded the long-term issuer default rating to BBB from BBB+ for Eversholt Investment Ltd. and the parent of both companies, Eversholt UK Rails (Holding) Ltd.

The downgrade reflects Fitch’s expectations that ongoing pressure on lease yields in new lease contracts will affect cash flows, causing Eversholt’s credit metrics to weaken to levels commensurate with a lower rating.

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