Fitch puts Polygon on watch

Fitch Ratings said it placed Polygon AB's long-term issuer default rating of B+ on rating watch negative, but affirmed the senior secured rating at BB- with an RR3 recovery rating.

“The RWN on the IDR reflects Fitch's assumption that a re-leveraging that is material to the ratings is likely, following the recently announced acquisition of a 100% stake in Polygon by AEA Investors LP alongside the management team. Fitch has not placed Polygon's senior secured rating on rating watch given Polygon's announced intention to exercise a total voluntary redemption of the notes upon completion of the acquisition,” Fitch said in a press release.

The agency said it plans to resolve the RWN after considering the post-acquisition financing structure, the strategy and financial policies to be pursued by the new equity owner, the new group structure and recovery estimates for the rated senior secured debt.

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