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S&P puts ATI on positive watch
S&P said it placed all its ratings on ATI Holdings Acquisition Inc., including the B- issuer credit rating and the issue-level ratings on its debt, on CreditWatch with positive implications.
ATI Holdings Acquisition has agreed to go public through a merger with special purpose acquisition company Fortress Value Acquisition Corp. II (FVAC II) in a deal valuing the combined company at $2.5 billion, including debt.
“We view the transaction as credit positive for ATI due to expected debt reduction from transaction proceeds. The company intends to repay $541 million of debt. We expect 2021 leverage would be reduced to the 4x-5x range,” S&P said in a news release.
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