Fitch assigns European Medco Development B, loan B+

Fitch Ratings said it assigned European Medco Development 3 Sarl a first-time expected long-term issuer default rating of B with a stable outlook.

Fitch also assigned an expected senior secured rating of B+/RR3 to the €290 million term loan B borrowed by European Medco Development 4 Sarl.

The proceeds will be used to acquire PharmaZell.

Fitch said it sees deleveraging prospects towards 5x on a funds from operations gross leverage basis by 2024.

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