Fitch rates Andromeda B

Fitch Ratings said it assigned a first-time expected long-term issuer default rating of B to Andromeda SAS with stable outlook.

Andromeda is an entity incorporated by funds advised by CVC to undertake the acquisition of Evolem's equity stake in April SA, Fitch said.

April is the leading wholesale broker within the French insurance market with a distinctive presence in the health and protection and creditor insurance segments and also an underwriting business via regulated insurance subsidiaries, the agency said.

April is the largest wholesale broker in the mature and modestly growing French insurance market, Fitch explained.

It benefits from a strong position in health insurance and from the market expansion linked to an aging population, the agency said.

Fitch said it expects the company to benefit from expected market consolidation.

The credit protection market in France shows stable fundamentals and a fairly controlled risk profile, the agency said.

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