Fitch assigns BB+ to Elis program

Fitch Ratings said it assigned Elis SA's planned €3 billion Euro medium-term note program an expected senior unsecured rating of BB+(EXP).

This is the same level as the issuer default rating, reflecting average recovery prospects for bondholders in case of default, the agency explained.

Proceeds will be used for the repayment of some of the group's outstanding debt, including the bridge loan used to partly finance the acquisition of Berendsen, for general corporate purposes or on-lent, or made available to the guarantor.

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