Fitch shifts Modulaire outlook to stable

Fitch Ratings said it revised Modulaire Investments 2 Sarl's outlook to stable from negative, while affirming the company's long-term issuer default rating at B. Fitch also affirmed the ratings of the senior secured notes issued by Modulaire Global Finance plc at B+ with an RR3 recovery rating and the senior unsecured notes issued by Modulaire Global Finance 2 plc at CCC+ with an RR6 recovery rating.

“The revision of the outlook reflects Fitch's view that Modulaire's business model held up well during the initial wave of the Covid-19 pandemic. In particular earnings generation has developed favorably over recent months, supported by healthy organic business performance as well as a number of income-accretive acquisitions during the year,” the agency said in a press release.

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