Fitch assigns Darling Ingredients BB+

Fitch Ratings said it assigned first-time ratings to Darling Ingredients, Inc., including long-term issuer default ratings of BB+. Fitch also gave BB+/RR4 ratings to the senior unsecured notes at Darling and Darling Global Finance and BBB-/RR1 ratings to Darling’s senior secured revolving credit facility and senior secured term loan.

Darling International Canada Inc., Darling International NL Holdings BV, and Darling Ingredients International Holding BV are additional borrowers under the senior secured revolving facility with IDRs of BB+.

“Darling’s BB+ rating reflects the company’s leading market position as a globally diversified ingredient processor through repurposing animal by-products and other food wastes into useable fats and proteins across a wide range of end markets, ample liquidity supported by FCF that benefits from its 50% interest in Diamond Green Diesel (DGD) and moderate leverage offset by limited scale with Darling’s core EBITDA (excluding its minority interest in DGD) below $500 million and business susceptibility to commodity volatility,” Fitch said in a press release.

The outlook is stable.

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