Fitch lifts Viridian to stable

Fitch Ratings said it revised Viridian Group Investments Ltd.'s outlook to stable from negative and affirmed its long-term issuer default rating at BB-.

Fitch also affirmed Viridian Group Fundco II Ltd.'s senior secured notes rating at BB and Viridian Group Ltd.'s and Viridian Power and Energy Holdings Ltd.'s super senior secured revolving credit facility rating at BB+.

The agency also affirmed Viridian Group Investments' long-term issuer default rating at BB-, along with Viridian Group Fundco II's senior secured rating at BB and Viridian Group Ltd.'s senior secured rating at BB+.

Viridian Power and Energy's senior secured rating also was affirmed at BB+.

The outlook revision reflects projections for Viridian Group Investments' interest cover to be about 2.0x from 2014 to 2016, Fitch said.

The ratings are supported by an expectation that the company will continue to generate positive free cash flow to reduce its high leverage due to its small capital expenditure requirements and zero dividend pay-out, the agency said.

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