Fitch assigns TK loans B+

Fitch Ratings said it assigned TK Elevator Holdco GmbH's (TKE) proposed senior secured debt a B+ rating with an RR3 recovery rating. It also affirmed TKE's long-term issuer default rating at B with a negative outlook.

The senior secured rating reflects the planned amend-and-extend loan raised by TK Elevator U.S. Newco Inc. and TK Elevator Midco GmbH with an increase up to an equivalent €2.7 billion and a maturity extension to 2030, the agency said. TK Elevator Midco also plans to raise a new €500 million term loan with a maturity in 2030.

The proceeds will be used to redeem privately placed €45 million and $600 million of senior unsecured notes both due in 2028.

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