Fitch assigns Lowell, notes B+

Fitch Ratings said it assigned Garfunkelux Holdco 2 SA (Lowell) a long-term issuer default rating of B+ with a stable outlook. Fitch also assigned Garfunkelux Holdco 3 SA's planned £1.6 billion senior secured debt offering an expected B+ rating.

Lowell is in the process of refinancing its capital structure, which entails the injection of £600 million in equity and shareholder loans from its owners and the issuance of £1.6 billion of senior secured notes. As part of the transaction, Lowell is extending the maturity of its €455 million revolving credit facility to 2025 from end-2021.

“The long-term IDR reflects Lowell's well-established and diversified franchise in some of Europe's largest debt purchasing markets, robust business model supported by strong data analytics and consistent collection performance through economic cycles,” Fitch said in a press release.

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