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Fitch sees rating Albion loan BB+
Fitch Ratings said it assigned Albion Financing 3 Sarl's €300 million non-fungible incremental term loan an expected BB+ rating with an RR2 recovery rating.
The agency said it also affirmed Albion HoldCo Ltd.'s long-term issuer default rating at BB-, the senior secured notes issued by Albion Financing 1 Sarl and the senior secured term loan issued by Albion Financing 3 at BB+/RR2, and the senior unsecured debt issued by Albion Financing 2 Sarl at BB-/RR4.
“Fitch expects there to be limited impact of the add-on on Albion's credit metrics with leverage only slightly increasing from our previous forecast,” the agency said in a press release.
Albion will use the loan to fund future acquisitions or for general corporate purposes.
The outlook is stable.
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