Fitch revises Atnahs view to negative

Fitch Ratings said it revised Antigua Bidco Ltd.’s (Atnahs) outlook to negative from stable and affirmed the B+ issuer default rating. Fitch also affirmed Atnahs’ senior secured debt rating at B+/RR4. The agency plans to affirm Atnah’s senior secured loan once it completes the add-on.

The negative outlook reflects uncertainty over the company’s medium- to long-term operating performance due to higher than initially expected market pressures for some products.

“It also captures the risk of higher operating costs and M&A disbursements in connection to Atnahs’ intention to internalize some marketing and distribution functions. In our view, these developments increase execution risk for the group’s growth strategy and could lead to structurally higher leverage, putting pressure on the B+ rating,” Fitch said in a press release.

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