Fitch rates Fortress loans BBB

Fitch Ratings said it assigned an initial long-term issuer default rating of BBB and a short-term issuer default rating of F2 to FIG LLC, the debt-issuing subsidiary of Fortress Investment Group LLC.

The agency also said it assigned a secured debt rating of BBB to FIG's $340 million secured bank facility. The facility consists of a $280 million term loan with a five-year maturity and a $60 million revolving facility with a three-year maturity. The interest rate on the facility is Libor plus 400 basis points, with a 175 bps floor.

Fortress Investment and subsidiaries Principal Holdings I LP and Fortress Operating Entity LP have long-term issuer default ratings of BBB and short-term issuer default ratings of F2.

The outlook is stable.

The proceeds of the new loans will be used to refinance the existing secured bank facility.

The debt issued from FIG is joint and severally guaranteed by Principal Holdings and Fortress Operating Entity, Fitch said.

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