Fitch rates AI Alpine loans B+, CCC+

Fitch Ratings said it assigned AI Alpine AT BidCo GmbH an expected long-term issuer default rating of B with a stable outlook.

The agency also assigned an expected long-term senior secured rating of B+ to the company's term loan B and a CCC+ expected long-term rating to the second-lien loan.

The issuer default rating is constrained by a highly leveraged capital structure and the likelihood that meaningful deleveraging will not occur until after 2020, Fitch said.

Funds from operations net leverage is expected to remain above 7x until 2021 under Fitch's rating case, a level which the agency views as high for the rating, Fitch added.

Despite the high leverage, the agency said it believes that positive market dynamics affecting Alpine should result in stable and strong underlying profitability.

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