Fitch downgrades Flender

Fitch Ratings said it lowered Flender International GmbH's long-term issuer default rating to B+ from BB- and its senior secured term loan to BB-/RR3 from BB+/RR2.

The downgrades follow Flender's plan to upsize the company's term loan by €275 million, and use the proceeds for extraordinary shareholder returns totaling €325 million.

“Fitch forecasts that the upsizing of the loan will slow down its deleveraging path towards the BB rating median in our Navigator, which was our previous expectation when assigning the first-time ratings,” the agency said in a press release.

The outlook is stable.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.