Fitch applies BBB- to Vivat notes

Fitch Ratings said it assigned Vivat NV's senior unsecured notes an expected BBB-(EXP) rating.

The notes are rated one notch below Vivat's issuer default rating (IDR). This reflects the agency’s assignment of below average recovery prospects for debt issued out of holding companies.

The expected issue ranks pari passu without any preference among themselves with all other outstanding unsecured and unsubordinated obligations of Vivat, Fitch explained. The terms of the notes contain a negative pledge provision which provides additional security to the noteholders. The negative pledge ensures that if Vivat grants any liens on its assets in the future, it will also grant liens to noteholders in an equal amount.

Vivat will use the net proceeds to strengthen the capital position of its subsidiaries to support their future growth. Any remaining proceeds will be used for general corporate purposes.

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