Fitch to rate WE Soda, notes BB-

Fitch Ratings said it assigned WE Soda Ltd. an expected long-term issuer default rating of BB-.

The outlook is stable.

Fitch has also assigned an expected BB- senior secured rating to WE Soda Investments Holding plc’s proposed $750 million notes to be guaranteed by WE Soda Ltd.

The recovery rating is RR4 in line with the agency’s country-specific treatment of recovery ratings criteria.

The expected issuer default rating reflects the company's planned capital structure and liquidity profile after refinancing, Fitch said.

“The rating reflects WE Soda's industry-leading production costs resulting in strong through-the-cycle margins, reduced leverage and its strong market position as one of top three global soda ash producers,” the agency said in the release.

“The rating also reflects our assessment of a two-notch uplift above the Turkish country ceiling of B due to offshore structural enhancements.”

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