Fitch affirms AEA International

Fitch Ratings said it affirmed AEA International Holdings' BBB- senior unsecured foreign currency rating and Overseas Assistance Finance BV's BBB- $53 million notes, guaranteed by AEA International.

The outlook is stable.

The ratings reflect the group's strong competitive position in the global medical assistance industry, which has high non-financial barriers to entry. The group has a global network of medical, security and travel specialists, established partnerships and affiliations across regional medical communities and strong connections in global aviation logistics. In Fitch's view, it would be difficult for a new entrant to replicate this infrastructure on a global basis over the near to medium term.

The group's credit strengths are tempered by its moderate size and limited financial flexibility as it is a privately owned company, the agency said. In addition, the key founders still play a hands-on role in managing the group, though efforts are being made to reduce this key-man risk by fortifying and expanding the senior management cadre.

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