Fitch assigns Enter Engineering B+, notes B+

Fitch Ratings said it gave Enter Engineering Pte. Ltd. a first-time long-term foreign-currency issuer default rating of B+ and an expected senior unsecured rating of B+/RR4 for its eurobonds with expected issuance of up to $300 million.

“The rating reflects an operating environment and business profile commensurate with a b category rating, reflecting reliance on a single geographic region and limitations on project and customer diversification. The group is an engineering and construction (E&C) company (including engineering, procurement and construction) operating almost exclusively in Uzbekistan, but with a strong market position and key local market knowledge,” Fitch said in a press release.

Enter plans to issue the bonds to finance the negative free cash flow generation and repay bank loans. “Should the company fail to do so, we expect the outflows to be financed by bank loans,” Fitch said.

The outlook is stable.

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