Fitch ups, rates EG loans, notes B+

Fitch Ratings said it raised EG Group Ltd.’s issuer default to B from B-, the senior secured debt ratings to B+ from B and assigned the planned $500 million equivalent term loan to be issued by EG Finco Ltd. and EG America LLC, an expected B+ senior secured instrument rating with an RR3 recovery rating. The agency also preliminarily rated EG Global Finance plc’s $1.589 billion of senior secured notes B+/RR3.

Finally, Fitch removed the positive rating watch on EG Global Finance plc's and EG Group's senior secured notes.

“The upgrade follows a material reduction in debt after the completion of asset disposals in 2023 and reduced refinancing risk after an amend and extend (A&E) transaction on the equivalent of $3.2 billion in term loans becomes effective imminently. These credit positives are balanced by high leverage and a $2 billion debt due in 2025 up for refinancing, leaving EG Group vulnerable to market conditions during the process,” Fitch said in a statement.

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