Fitch rates Antalis bonds B+

Fitch Ratings said it assigned a first-time expected long-term issuer default rating of B to Antalis International SA.

Fitch also said it assigned an expected instrument rating of B+ with recovery rating of RR3 to the group's proposed new senior secured bonds.

The ratings reflect the group's limited financial flexibility due to the its low EBITDA margins and a highly leveraged financial profile, the agency said.

Antalis remains highly weighted toward the paper sector, which continues to be in structural decline, particularly in western Europe where the group is focused, Fitch said.

The ratings also reflect the group's strong European position in the business-to-business paper, packaging and visual communication sector, which is supported by a wider international presence, the agency said.

Antalis has a clear strategy to consolidate its market position and increase its exposure to higher growth and higher margin product categories and has delivered stable EBITDA for the past five years, Fitch said.

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