Fitch assigns Almaviva B, loan B+

Fitch Ratings said it assigned an expected long-term issuer default rating of B to Almaviva Developpement. Fitch also gave an expected senior secured debt rating of B+/RR3/59% to Almaviva’s planned seven-year €290 million term loan B.

“Almaviva's B(EXP) IDR reflects its regionally focused mid-sized operations and elevated leverage profile, with funds from operations (FFO) adjusted leverage projected to remain at around 7x. This is counterbalanced by a supportive regulatory framework with high barriers to entry, reflected in solid profitability for the rating,” the agency said in a press release.

Fitch said it assigned a stable outlook, based on expectations Almaviva will maintain its leading local market positions, translating into steady operating performance mitigating high financial leverage.

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