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Fitch downgrades First Brands
Fitch Ratings said it downgraded First Brands Group LLC's long-term issuer default rating to B+ from BB-.
Fitch affirmed the company’s secured asset-based lending revolver rating at BB+/RR1.
The agency affirmed the first-lien secured term loan rating, which includes proposed $400 million and €200 million add-ons, at BB+ but revised the recovery rating to RR1 from RR2.
Fitch also affirmed the company’s second-lien secured term loan rating at BB- but revised the recovery rating to RR3 from RR4.
The outlook is stable.
“The downgrade of the IDR reflects Fitch's view that FBG continues to prioritize the acquisition of companies via add-ons to its first lien term loan, which leads to a financial profile more in-line with B+ rating tolerances,” the agency said in a news release.
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