Fitch affirms Global Switch

Fitch Ratings said it affirmed Global Switch Holdings Ltd.'s long-term issuer default rating and senior unsecured rating at BBB. The short-term issuer default rating is affirmed at F3.

The outlook is stable.

Further to its €600 million 2018 bond issue in April 2011, Global Switch retains strong credit metrics with leverage on a loan-to-value basis at about 20%, said Jean-Pierre Husband, a Fitch analyst.

Global Switch's financial structure could absorb a possible further downturn in global economic activity, the analyst said.

Should Global Switch's dividend and loans policies adversely change, this would be a credit concern, Fitch said.

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