Fitch affirms Eurohold, notes

Fitch Ratings said it affirmed Eurohold Bulgaria AD's long-term issuer default rating at B.

The outlook is stable.

The agency also affirmed the ratings on the €70 million senior notes issued under Eurohold's €200 million euro medium-term note program at B/RR4.

The outlook is stable.

Fitch said the affirmation reflects an assessment of Eurohold's improved but weak leverage, capitalization and debt servicing capabilities, as well as moderately weak financial performance.

Eurohold's consolidated Fitch-calculated financial leverage ratio improved to 63% at end-2017 from 84% at end-2016 due to equity increases and debt reduction in 2017, the agency noted.

Fitch said it expects the group's financial leverage ratio will stabilize below 65%.

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