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Fitch gives Cerberus notes B-
Fitch Ratings said it assigned Cerberus Nightingale 1 SA’s €145 million 8¼% senior notes due 2020 a final rating of B- and a recovery rating of RR6.
The BB-/RR3 rating on the €530 million 7% senior secured notes due 2020 was affirmed.
As a result of the transaction, Cerberus is now the top holding entity within the enlarged restricted borrowing group and its debt obligations are included in Fitch’s issuer default rating analysis. The issuer default rating, which the agency previously assigned to Cerba European Lab SAS, is therefore now transferred to the Cerberus level and affirmed at B+ with negative outlook.
The notes are rated two notches below the issuer default rating to reflect their subordination to prior-ranking obligations. The RR6 reflects poor recovery prospects (0-10%) of the senior notes in a default scenario.
Fitch continues to expect above-average recovery prospects within the RR3 range (51-70%) for Cerba's senior secured noteholders.
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