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Fitch could lift Oberthur
Fitch Ratings said it placed Oberthur Technologies Group SAS' B issuer default rating on Rating Watch Positive following the registration of the company's initial public offering planned for early 2016.
Fitch estimates a successful IPO and deleveraging in line will management's guidelines could lead to the issuer default rating being upgraded by up to two notches.
The outstanding instrument ratings of the group's debt were also placed on positive watch although the agency expects that some external debt will be repaid with proceeds from the IPO and the balance refinanced with new bank financing. In these circumstances, the ratings of the existing debt are likely to be withdrawn following the closing of the relevant transactions and assuming the new debt structure is put in place simultaneously.
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