Fitch places Galderma on positive watch

Fitch Ratings said it placed Sunshine Luxembourg VII Sarl's (Galderma Pharma SA) B long-term issuer default rating and B+ senior secured rating on rating watch positive.

The rating action follows the announcement of the company’s initial public offering and the plan to use up to $2.3 billion in proceeds to repay debt.

“The RWP reflects our estimates that in the event of successful completion of the IPO and subsequent debt repayment, Galderma will deleverage to materially below our positive leverage sensitivity. This is likely to lead to a multi-notch upgrade, placing the IDR comfortably in the B' rating category,” Fitch said in a press release.

The agency aims to resolve the RWP once the IPO and debt repayment are completed.

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