Fitch gives Ahlstrom-Munksjo notes BB-

Fitch Ratings said it assigned a final long-term issuer default rating of B+ to Spa Holdings 3 Oy (Ahlstrom-Munksjo). The outlook is positive.

Fitch also assigned a final instrument rating of BB-/RR3 to the group’s senior secured debt.

The assignment of the final ratings follows the acquisition of Ahlstrom-Munksjo Oyj by a consortium consisting of Bain Capital Private Equity, LLP, Ahlstrom Invest BV, Viknum AB and Belgrano Inversiones Oy.

The ratings reflect Ahlstrom-Munksjo’s post-transaction high leverage with forecast funds from operations gross leverage above 6x at end-2021, Fitch said.

“The ratings are supported by Ahlstrom-Munksjo’s business profile as a large manufacturer of fibre-based materials, strong market positions in several end-markets and solid geographical diversification. Despite some exposure to cyclical end-markets the group has been resilient to the effects of the coronavirus pandemic due to its broad product range and the ability to adjust costs,” Fitch said in a news release.

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