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Fitch affirms Marble II, notes
Fitch Ratings said it affirmed Marble II Pte. Ltd.'s long-term foreign- and local-currency issuer default ratings at BB.
The outlook is stable.
Simultaneously, the agency affirmed the BB rating on Marble II's $500 million 5.3% senior secured notes due 2022, which are secured by Marble I Pte. Ltd.'s 100% equity stake in Marble II and the interest reserve account.
“The affirmation reflects our view that Marble II's operating subsidiary, Mphasis Limited, will continue its strong operating performance and generate enough cash to offset high leverage at Marble II compared with similar rated peers,” Fitch said in a news release.
“However, we expect a slower deleveraging pace, on a proportionally consolidated basis, following Marble II's sale of 8% of Mphasis in May 2018.
“Stronger relationships with key customers and robust deal wins with Blackstone portfolio companies support Marble II's operations over the next two to three years.”
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