Fitch rates Synlab BB

Fitch Ratings said it assigned Synlab AG a BB long-term issuer default rating with a stable outlook. Simultaneously, Fitch upgraded Synlab Bondco plc's IDR to BB from B+ and withdrew it following a change in the corporate structure.

Fitch also gave Synlab and Synlab Bondco senior unsecured debt ratings of BB with an RR4 recovery rating.

“The BB IDR follows Synlab's successful initial public offering (IPO) on April 30, 2021, in line with Fitch's expectations. Gross primary proceeds from the IPO of around €400 million plus cash on balance sheet were used to reduce debt by around €415 million,” the agency said in a press release.

The agency said it projects improved credit metrics with funds from operation adjusted gross and net leverage to retreat to around 4x and 3.3x, respectively in 2021.

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