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Fitch rates Nuuday B, loan BB-
Fitch Ratings said it assigned Nuuday A/S a first-time expected B long-term issuer default rating and expected BB-/RR2 ratings to its senior secured €500 million term loan.
“Nuuday's stand-alone credit profile (SCP) of b is limited to one notch above the b- consolidated credit profile of DKT combined with Nuuday. This reflects 'porous' legal ring-fencing and 'open' access and control linkages between Nuuday and DKT under our parent and subsidiary linkage (PSL) rating criteria,” the agency said in a press release.
The loan proceeds will be used together with proceeds from new funds at parent DKT Holdings ApS to fully redeem DKT Finance ApS' €1.05 billion of 7% notes due 2023 and $410 million of 9 3/8% notes due 2023 fixed-rate notes.
Nuuday’s outlook reflects high leverage and negative free cash flow under the consolidated profile of DKT and the risks around DKT's ongoing debt service capacity post-refinancing, the agency said.
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