Fitch affirms Diversey

Fitch Ratings said it affirmed the long-term issuer default rating of Diversey, Inc. at B-, senior secured credit facilities, including term loans and revolving credit facility, at BB- with a recovery rating of RR1 and senior notes at B- with a recovery rating of RR4.

The agency also said it affirmed Diversey Holdings, Inc.'s long-term issuer default rating at B-, holdings senior notes at CC with a recovery rating of RR6, along with JohnsonDiversey Canada, Inc.'s long-term issuer default rating at B- and JohnsonDiversey Holdings II BV's long-term issuer default rating at B-.

The outlook is positive.

The ratings reflect the company's position as the second-largest manufacturer of institutional and industrial cleaners and provider of related services, solutions and equipment with an estimated global market share of about 8%, Fitch said.

The company benefits from its global reach in an industry that is primarily characterized by fragmented markets dominated by regional players, the agency said.

The ratings are constrained by the company's significant indebtedness, particularly in relation to cash flow, Fitch added.

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