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Prospect News home > News index > List of issuers B > Headlines for Bakelite US Holdco, Inc. > News item |
Fitch moves Bakelite outlook to negative
Fitch Ratings said it revised the outlook for Bakelite US Holdco, Inc. to negative from stable and affirmed its long-term issuer default rating at BB. The agency also affirmed Bakelite's secured term loan at BB+/RR2.
“The negative outlook reflects Fitch's expectations for EBITDA leverage to increase above or near the negative sensitivity threshold of 4x through 2025 following the company's announcement that it plans to issue an incremental $110 million senior secured term loan, primarily to fund a distribution to shareholders.
“Fitch believes the transaction comes at a time of continued uncertainty in Bakelite's key construction end market and signals a shift toward a more shareholder-friendly financial policy,” the agency said in a statement.
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