Fitch rates Traviata loans B+

Fitch Ratings said it assigned an expected B+ rating to Traviata BV’s proposed senior secured €725 million term loan B and €175 million revolver.

To arrive at the B+ rating, Fitch in a press release said it performed a “bespoke recovery analysis reflecting a distressed scenario to assign its instrument ratings.”

The agency assigned an expected rating of B to the company.

Traviata’s rating of an expected B was derived by assessing the credit quality of the Axel Springer SE operating company and notching from that assessment based on income stream quality, dividend diversification, proportionate holdco leverage, liquidity, and dividend control and stability, Fitch said.

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