Fitch: Eversholt Funding notes A-

Fitch Ratings said it assigned Eversholt Funding plc's proposed senior secured notes an expected rating of A-(EXP).

The higher A- rating of the notes compared to Eversholt Investment Ltd.’s long-term issuer default rating of BBB+ reflects the benefits of the security and covenant package of its financing.

The notes are guaranteed by Eversholt Investment, ERFL Holdings and Eversholt Investment’s subsidiary companies, together known as Eversholt Rail Group (ERG).

The notes are part of Eversholt Investment’s multicurrency issuance program.

Proceeds will be used to for general corporate purposes and committed capital expenditure.

Fitch said Eversholt Investment’s BBB+ long-term issuer default rating is primarily supported by its strong business profile stemming from its position as one of the three major passenger rolling stock companies in the United Kingdom, which provides long-term contract-based cash flow visibility.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.