Fitch rates K-Flex notes B+

Fitch Ratings said it assigned a final long-term issuer default rating of B to K-Flex Spa, along with a final rating of B+ with recovery rating of RR3 to its €100 million senior unsecured notes.

The final ratings are in line with the expected ratings, Fitch said.

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

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

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

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