Fitch rates W.R. Grace, notes BB+, loans BBB-

Fitch Ratings said it assigned a BB+ long-term issuer default rating to W.R. Grace & Co. and issuing subsidiary W.R Grace & Co. - Conn.

In addition, Fitch assigned BBB-/RR1 ratings to the first-lien secured revolver and term loan and BB+/RR4 ratings to the unsecured notes, including the proposed 2027 notes.

The proposed notes will be used to redeem a portion of the 2021 unsecured notes helping extend the maturity profile. The outlook is stable.

“The BB+ rating reflects the company’s leading position in refining catalysts, its strong FCF generation and relatively stable, high EBITDA margins, and expectations of total debt with equity credit/operating EBITDA around 3.5x in 2021 and incremental improvements thereafter, upon normalization of refining activity,” Fitch said in a press release.

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