Fitch turns Triton UK view to stable

Fitch Ratings said it revised the outlooks for Triton UK Midco Ltd. and Synamedia Americas Holdings Inc. to stable from negative and affirmed their issuer ratings at B-.

Fitch also upgraded the senior first-lien secured issue rating to BB-/RR1 from B+/RR2 and affirmed the B-/RR4 second-lien secured issue rating.

“The affirmation and outlook revision reflect the improving trend in credit protection metrics that suggest avoidance of slipping into the CCC rating category. To the extent Synamedia is able to demonstrate further stabilization in its financial profile, positive rating action could be warranted,” Fitch said in a press release.

The agency noted gross leverage improved to 6.4x for the last 12 months ended Dec. 27 from 7.6x at the end of the fiscal year in June.

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