Fitch downgrades Ammega

Fitch Ratings said it downgraded Ammega Group BV’s issuer rating to B- from B and its senior secured debt rating to B- from B+.

“The downgrade reflects Fitch’s expectations that Ammega’s leverage will remain well above our negative rating sensitivities in the medium- to long-term. This is due to the group’s acquisitive strategy, which restricts deleveraging capacity, and some expected pressure on revenue and profitability related to the pandemic,” Fitch said in a press release.

Ammega’s debt consists of a seven-year senior secured covenant-lite €980 million term loan B, upsized from €830 million in February, maturing in 2025 and an eight-year $186 million second-lien facility with maturity in 2026. It also has a €150 million revolver maturing in early 2025

The outlook is stable.

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