Fitch chops Anthology ratings

Fitch Ratings said it downgraded Astra Acquisition Corp.'s (Anthology) long-term issuer default rating to CCC from B- and the first-lien credit facility and first-lien term loan to CCC+/RR3 from BB-/RR1. The agency does not rate the $500 million 2L term loan.

Fitch Astra Intermediate Holding Corp.'s IDR to CCC from B-. Astra Intermediate Holding is the parent and Astra Acquisition is the wholly-owned subsidiary (collectively referred to as Astra).

“The downgrade of the IDRs reflects Astra's significantly reduced liquidity. The company generated weaker results in recent quarters, leading to significant negative FCF. Cash on the balance sheet is limited, and access to the $140 million revolver will likely be restricted over the near term given the potential for a covenant violation,” the agency said in a press release.

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