Fitch rates BCP V Modular B, debt B+, CCC+

Fitch Ratings said it assigned BCP V Modular Services Holdings III Ltd. an expected long-term issuer default rating of B with a stable outlook.

Fitch also assigned the planned €1.2 billion equivalent senior secured debt to be issued by BCP V Modular Services Finance II plc and the planned €1.1 billion senior secured term loan B to be issued by BCP V Modular Services Holdings IV Ltd. expected long-term ratings of B+ with a recovery rating of RR3.

At the same time, Fitch assigned the planned €435 million senior unsecured debt to be issued by BCP V Modular Services Finance plc an expected long-term rating of CCC+ with a recovery rating of RR6.

BCP V Modular Services Holdings III is the main consolidating entity within the restricted group, set up as part of the acquisition of Modulaire Investments 2 Sarl.

“As Modulaire is the sole cash flow generating entity of the newly established group, earnings generation and ultimately debt serviceability of the structure hinge on the operational performance of this business,” the agency said in a news release.

“The various debt ratings assigned to planned issuances that form part of the BCP III/Modulaire transaction all have BCP III as their anchor rating.”

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