Fitch assigns Pelzer notes BB

Fitch Ratings said it has assigned an initial issuer default rating of B to HP Pelzer Holding GmbH.

In addition, Fitch said it has assigned a rating of BB/RR1 to Pelzer's proposed €230 million senior secured notes.

The outlook is stable.

According to the agency, Pelzer's ratings are supported by its relatively strong position in the global automotive acoustical materials market and its diversified roster of global automotive customers.

The company's credit profile is characterized by moderate leverage but low operating margins and weak free cash flow, the agency added.

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