Fitch ups Alexander Forbes

Fitch Ratings said it upgraded Alexander Forbes Preference Share Investments Ltd.'s linked debentures to BB-(zaf) from B+(zaf).

The upgrade reflects the improved profitability and slightly more moderate leverage profile of the Alexander Forbes group, Fitch said.

The rating remains constrained by the relatively high leverage in the group following a public-to-private transaction in 2007, when a consortium of equity investors acquired the majority share in Alexander Forbes, the agency said.

Fitch said it expects adjusted leverage to remain above 3x in the medium term, but to improve annually once adverse economic conditions abate.

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