Fitch trims Rovensa loans

Fitch Ratings said it downgraded Rovensa’s (Root Bidco Sarl) senior secured debt ratings to B from B+ and revised the recovery rating to 4 from 3. The agency also affirmed Rovensa’s B issuer rating.

Rovensa completed its Cosmocel acquisition in February, which was funded in part by a €387 million additional term loan.

“The downgrade of the senior secured rating reflects a revision of the recovery rating to RR4 from RR3 due to a higher-than-expected increase in debt to finance acquisitions and a surge in working capital,” the agency said in a press release.

The outlook is stable.

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