Fitch upgrades Thevelia

Fitch Ratings said it upgraded Thevelia Holdings Ltd.'s long-term foreign-currency issuer default rating to B+ from B. The agency also raised the rating of its $760 million senior first-lien secured term loan B to BB- with a recovery rating of RR3 from B+. Fitch concurrently removed all ratings from rating watch positive.

Fitch assigned final BB-/RR3 ratings to the $600 million and €816 million senior first-lien secured term loan issued by Thevelia (US) LLC and Thevelia Finance, Sarl, respectively. Both companies are wholly owned by Thevelia. The final ratings assignment follows the completion of the incremental loan issuance and the acquisition of corporate, trust and outsourcing services provider Vistra, in line with Fitch's expectations, the agency said.

“The upgrade reflects the stronger post-acquisition credit profile, with an enhanced platform of service offerings, recurring revenue from a diverse customer base, and high profitability. The ratings are constrained by high leverage following the transaction but Fitch expects strong cash flow generation to support deleveraging,” Fitch said in a press release.

The outlook is stable.

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