Fitch shifts FR BR view to stable

Fitch Ratings said it changed FR BR Holdings’ outlook to stable from negative and affirmed its long-term issuer default rating at B-. Also, Fitch affirmed the rating for FR BR's $498 million senior secured term loan B due 2023 at B-/RR4.

“The outlook revision to stable from negative reflects a change in the dividend policy that, in Fitch's opinion, preserves a reasonable level of dividends to support FR BR's note while addressing the needs at Blue Racer. The Sponsors, First Reserve and the Williams Co., Inc, (BBB/stable) approved a new distribution policy for Blue Racer that will reduce distributions to its sponsors until Blue Racer's total net consolidated leverage is less than 4x,” Fitch said in a press release.

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