Fitch trims Traviata loan to B

Fitch Ratings said it lowered Traviata BV’s term loan rating to B from B+ and its recovery ratings to RR4 from RR3. Fitch also trimmed the company’s revolver to B from B+ but removed the rating for business reasons. The agency, however, affirmed Traviata’s B issuer default rating.

The agency said it also removed all ratings from under criteria observation, where they were placed on June 1 after the publication of Fitch’s final new investment holding companies rating criteria, which was amended on Nov. 3.

“The senior secured instrument ratings are now equal to the IDR as the current criteria impose an instrument-level rating cap at RR4, which translates into the instrument rating being at the same level as the IDR of B,” Fitch said in a press release.

The outlook is stable.

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