Fitch rates Groupe Ecore notes BB-

Fitch Ratings said it assigned Groupe Ecore Holding SAS an expected long-term issuer default rating of B+ and an expected rating for the proposed €255 million senior secured notes of BB-/RR3/61%.

The outlook is stable.

“The assigned rating reflects Ecore's strong market position of as the number two in the French metals recycling market, its disciplined approach to securing a minimum margin, a financial profile with strong cash flow generation and FFO gross leverage of between 4.5x-5.0x over the next four years,” the agency said in a news release.

“Ecore's small scale, with EBITDA below €100 million constrain the rating to the mid-to-upper B category.”

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