Fitch moves Ecotone outlook to negative

Fitch Ratings said it revised Ecotone HoldCo III SAS' outlook to negative from stable, while affirming its long-term issuer default rating at B. Fitch also withdrew Ecotone’s ratings for commercial reasons.

“The outlook revision reflects our expectations of slower deleveraging amid challenging market conditions post-pandemic as well as inflationary pressures affecting margins. Under current assumptions, we expect financial leverage to remain above our prior 7x negative leverage sensitivity until end-2024 which reflects no leverage headroom under the current rating,” Fitch said in a press release.

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