Fitch affirms Arqiva bonds

Fitch Ratings said it affirmed Arqiva Financing plc’s and Arqiva PP Financing's whole business securitization (WBS) bonds at BBB and Arqiva Broadcast Finance plc's high-yield bonds at B-.

The outlooks are stable.

Fitch said ratings reflect gradual expected deleveraging, in line with Arqiva's largely contracted revenue profile and resilience to RPI and Libor sensitivities.

The agency added that it expects net debt to EBITDA of the WBS notes to fall to under 3 times by 2025 from 5.1 times in fiscal year 2017 and to close to zero times by fiscal year 2030 and of the high-yield bonds to 5.9 times in fiscal year 2020 at maturity from 6.3 times in fiscal year 2017, consistent with previous reviews.

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