Fitch rates Victoria notes BB

Fitch Ratings said it assigned Victoria plc’s €350 million of senior secured notes with a 5.5-year maturity a rating of BB. The notes have a recovery rating of RR2.

The rating is consistent with the rating of Victoria’s other senior secured notes.

“The proceeds will be used to partially refinance the existing notes and to support acquisitions. Fitch expects the acquisition funds to be largely deployed by financial year ending March 2022. However, should Victoria fail to acquire its potential targets in the short-to-medium term, we would expect any excess cash to be used for debt repayment,” the agency said in a press release.

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