Fitch alters Lowell view to positive

Fitch Ratings said it revised Garfunkelux Holdco 2 SA's (Lowell) outlook to positive from stable, while affirming the company's long-term issuer default rating at B+. The agency also affirmed Garfunkelux Holdco 3 SA's senior secured debt rating at B+ with an RR4 recovery rating.

“The positive outlook reflects Fitch's view that Lowell's long-term IDR could be upgraded to BB- over the next 12 to 18 months as a result of further improvements to the company's EBITDA margin and net profitability and stable or improving cash-flow leverage,” the agency said in a press release.

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