Fitch rates Averda notes BB

Fitch Ratings said it assigned an expected BB rating to Averda Holdings International Ltd.’s planned $325 million of senior unsecured notes.

Fitch sees the notes ranking pari passu with existing and future debt, including Averda’s $60 million revolver.

“In addition, we expect the notes to rank senior to the subordinated shareholder loans, and only be structurally subordinated to the unrestricted group operating subsidiaries,” said Fitch in a press release.

Fitch also assigned a first-time rating of BB to the company.

The outlook is stable.

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