Fitch rates GP notes B

Fitch Ratings said it rates GP Investments Ltd. as follows: foreign currency issuer default rating B and intended issue of $150 million of perpetual notes B/RR4.

The outlook is stable.

The agency said that GP's ratings are supported by conservative leverage levels, the franchise of the company and the experience of the management team which bodes well for positive prospects going forward.

The ratings are constrained, however, by the highly concentrated nature of the intended investment portfolio, the negative cash flow implied by recurring fixed expenses versus recurring income and the uncertainty related to the maturation period of the investment portfolio and GP's ability to realize investment gains, Fitch added.

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