S&P upgrades Fortress

S&P said it raised its issuer credit rating on FinCo I LLC (Fortress) to BB from BB-.

The outlook is negative.

At the same time, the agency also raised the ratings on the firm's first-lien revolving credit facility and term loan to BB from BB-. The recovery rating remains 3, denoting an expectation for a meaningful recovery (50%) in the event of default.

S&P said the upgrade follows Fortress' announcement that it will pay down $197 million in term loan borrowings in conjunction with a repricing of its credit facility.

“We expect this paydown to be followed by further debt reduction in future quarters,” the agency said in a news release.

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