Fitch rates Vialto B, loan BB-

Fitch Ratings said it assigned B issuer default ratings to Galaxy US Opco Inc., CD&R Galaxy Luxembourg Finance Sarl and CD&R Galaxy UK Intermediate 3 Ltd., collectively Vialto Partners. Fitch also gave senior secured ratings of BB-/RR2 to the first-lien term loan of Galaxy US Opco and CD&R Galaxy Luxembourg Finance.

Vialto Partners will become a newly branded entity upon its acquisition from Pricewaterhouse Coopers by Clayton, Dubilier & Rice in first-half of 2022.

“Fitch's ratings for Vialto reflect the company's strong and stable market position, solid EBITDA margins, high mix of recurring revenue, and diverse geographic and customer mix. Offsetting some of these attributes is financial leverage that will be elevated in the coming years following its separation from PwC, relatively small EBITDA scale and FCF that could be negative in the near term due to separation costs,” Fitch said in a press release.

The outlooks are stable.

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