Fitch sees rating Antares notes BBB-

Fitch Ratings said it assigned an expected BBB- rating to Antares Holdings LP’s proposed senior unsecured notes issuance.

“The expected rating on the senior unsecured notes is equalized with the ratings assigned to Antares’ existing senior unsecured debt as the new notes will rank equally in the capital structure. The senior unsecured debt rating is one notch below the long-term issuer default rating (IDR) given the high balance sheet encumbrance and the largely secured funding profile, which indicates weaker recovery prospects under a stressed scenario,” the agency said in a press release.

Fitch said it doesn’t see the notes hurting Antares’ leverage as proceeds will be used to repay borrowings under secured credit facilities.

“Fitch views the firm’s access to the unsecured debt markets favorably as it further diversifies the company’s funding sources and improves its funding flexibility,” the agency said in a press release.

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