Fitch lifts Sunrise

Fitch Ratings said it has upgraded Sunrise Communications Holdings SA’s long-term issuer default rating to BB+ from BB- and removed it from rating watch positive.

The outlook is stable.

The two-notch upgrade reflects the company's reduced leverage following its IPO and successful refinancing, the agency noted.

Fitch said it has also assigned Sunrise's 2022 senior secured Swiss franc-denominated notes and Switzerland-based Sunrise Communications AG's term loan B final ratings of BBB-.

The new notes, bank debt and proceeds from the IPO were used to reduce and refinance Sunrise's previous debt to CHF 1.86 billion from CHF 2.21 billion.

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