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Fitch assigns Mizzen notes B-
Fitch Ratings said it assigned Mizzen Bondco Ltd.'s £200 million senior notes an expected rating of B-(EXP)/RR6.
The agency also assigned Mizzen Mezzco Ltd. UK a long-term issuer default rating of B+.
The outlook is stable.
Mizzen Mezzco is the ultimate holding company that wholly owns Premium Credit Finance.
The notes are rated two notches below Mizzen Mezzco's B+ long-term issuer default rating, reflecting 'poor' recovery prospects as indicated by the RR6 recovery rating that the agency has assigned. The recovery analysis is deeply affected by the securitization structure in place at Premium Credit Finance, which encumbers most of Premium Credit Finance's receivables.
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