Fitch rates Oberthur loans B+, view stable

Fitch Ratings said it revised the outlook on Oberthur Technologies Group SAS' long-term issuer default rating to stable and affirmed the rating at B.

The agency also assigned an instrument rating of B+(EXP)/RR3 to the company's proposed new bank facilities and affirmed ratings of the company's existing debt.

Fitch said the action, including the outlook revision, takes into account Oberthur’s proposed acquisition of Morpho, the enhanced scale and business profile of the enlarged group, associated higher leverage, limited cash flow visibility and time it will take to reduce leverage in order to meet B+ upgrade guidelines.

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