Fitch ups Euroports loans

Fitch Ratings said it raised EP BCo’s (Eurosports) €365 million first lien term loan and €45 million revolving credit facility to BB+ from BB and the €105 million second lien term loan to B+ from B.

The agency also affirmed Euroports’ long-term issuer default rating at BB-.

“The upgrade of the first- and second-lien TLBs and RCF reflects Fitch's updated view on the principles underlying the recovery analysis methodology. This is based upon notching guidance for issuers with BB category IDRs considering an RR2 recovery rating on the first-lien TLB and RCF and a RR5 for the second-lien TLB, reflecting average recovery characteristics of similar-ranking instruments.

The outlook remains negative.

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