Fitch upgrades K-Flex, bond

Fitch Ratings said it upgraded Italy-based elastomeric insulation producer L'isolante K-Flex Spa's long-term issuer default rating to B+ from B with stable outlook.

The agency also upgraded the senior unsecured rating of the group's €100 million bond to BB-/RR3 from B+/RR3.

Fitch said the upgrade reflects the group's good track record of delivering consistently profitable growth, reducing key-man risk and improving product diversification. Its capital structure is already commensurate with a B+ rating and is supported by healthy trading and a prudent financial policy that focuses on working capital and procurement optimization.

The agency expects funds from operations adjusted net leverage of below 3 times during the forecast horizon.

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