Fitch gives Dedalus B, loan B+

Fitch Ratings said it assigned Dedalus Holding SpA a first-time expected long-term issuer default rating of B with a stable outlook.

Fitch also assigned an expected rating of B+/RR3/63% to Dedalus Finance GmbH's €680 million first-lien senior secured term loan.

Dedalus is the leading pan-European player in a fragmented healthcare software market, formed from the combination of Dedalus's operations in Italy and France and Aceso, a carve-out of the healthcare software business from Agfa-Gevaert with operations in Germany, Austria, Switzerland and France, Fitch said.

“The main constraining factor for the rating is the company’s high funds from operations (FFO) leverage, which we expect to be between 6.5x and 7.5x in 2021-2023,” Fitch said in a press release.

Fitch said it didn’t include the €140 million in pay-in-kind notes because they are “outside of the perimeter of the restricted group in total debt and treat it as equity in line with our criteria.”

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