Fitch rates K-Flex notes B+

Fitch Ratings said it assigned an expected long-term issuer default rating of B to L’isolante K-Flex Spa (K-Flex), along with an expected B+ rating on its upcoming issue of €100 million senior unsecured notes.

The ratings reflect K-Flex’s limited scale and operational diversification, despite strong end-market and geographical diversification, Fitch said.

Its leading positions in the niche market for elastomeric insulation provide some barriers to entry, which have historically afforded the group’s sound profitability, the agency said.

The group’s financial profile and liquidity are strong for the ratings, Fitch said.

But, the ratings are constrained by K-Flex’s limited scale and operational diversification, the agency said.

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