Fitch revises Lowell outlook to stable

Fitch Ratings said it revised Garfunkelux Holdco 2 SA's (Lowell) outlook to stable from positive while affirming its long-term issuer default rating at B+. The agency also affirmed Garfunkelux Holdco 3 SA's (GH3) senior secured debt rating at B+ with an RR4 recovery rating.

“The rating action reflects increased pressures on Lowell's funding and profitability profile from potentially higher funding costs in light of sizeable refinancing needs in late 2025. Lowell's updated leverage target (net debt/EBITDA ratio below 3x by end-1H24) and cost-cutting initiatives support the rating at its current level,” the agency said in a statement.

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