Fitch revises 21Vianet view to stable

Fitch Ratings said it revised the outlook on 21Vianet Group, Inc. to stable from negative and affirmed the long-term foreign- and local-currency issuer default ratings at B+. Fitch also affirmed the rating on 21Vianet’s $300 million of 7 7/8% senior unsecured notes due 2021 at B+ with a recovery rating of RR4.

“The stable outlook reflects Fitch’s expectation that 21Vianet’s FFO leverage will improve to 4.8x-5.6x in 2020-2021 (2019: 5.8x) following the receipt of around CNY 2.7 billion from an equity issuance in September 2020. The company plans to use 80% of the net proceeds from the equity issuance to fund capex and the balance to refinance debt,” the agency said in a press release.

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