Fitch rates Multitude bond B+

Fitch Ratings said it assigned Multitude SE's planned three-year senior unsecured bond an expected B+ long-term rating with an RR4 recovery rating. The issue is expected to be between €50 million and €100 million, which can be increased to €150 million by a subsequent issuance.

“Multitude's senior unsecured bond is rated in line with its long-term issuer default rating (IDR). The rating alignment reflects Fitch's expectation of average recovery prospects,” the agency said in a press release.

The proceeds will be predominantly used to refinance €96.8 million of debt, issued by Ferratum Capital Germany GmbH, which matures in April 2023.

The outlook is stable.

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