Fitch ups Voyage Care second-lien notes to B-

Fitch Ratings said it affirmed Voyage Bidco Ltd.’s long-term issuer default rating at B with a stable outlook.

The agency also affirmed Voyage Care BondCo plc's senior secured notes at BB/RR1/100% and upgraded the second-lien notes to B-/RR5/23% from CCC+/RR6/8%.

Fitch said the affirmation reflects Voyage's position as the UK's largest independent provider of support to people with learning disabilities and its focus on high acuity care, which provides some resilience to government spending pressures. However, the rating remains constrained by the group's high leverage, pressures on profitability due to rising staff costs and high dependence on local authority funding.

The stable outlook reflects the agency’s expectation that Voyage will operate with reasonably consistent debt protection ratios inside our formulated rating sensitivities.

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