Fitch raises Kaefer secured rating

Fitch Ratings said it raised Kaefer Isoliertechnik GmbH & Co. KG’s senior secured notes rating to BB+ from BB and has removed it from under criteria observation. The recovery rating is RR2. Fitch also removed Kaefer's BB long-term issuer default rating from UCO.

The upgrade reflects application of the agency's updated corporates recovery ratings and instrument ratings criteria, Fitch said. The ratings were placed on UCO following the publication of the updated criteria on April 9.

“The RR and instrument rating for Kaefer's SSNs are based on our newly introduced rating grid for issuers with BB category IDRs. This grid reflects average recovery characteristics of similar-ranking instruments. Kaefer's senior secured ratings are viewed as a category 2 first-lien, which translates into a one-notch uplift from the IDR of BB with an RR2,” the agency said in a press release.

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