Fitch places CWT on positive watch

Fitch Ratings said it placed CWT Group, LLC, along with co-borrowers CWT US, LLC; CWT UK Group Ltd.; and CWT Beheermaatschappij BV (collectively, CWT), on rating watch positive.

The positive watch reflects expectations that American Express Global Business Travel's acquisition of CWT will be a credit positive given the stronger financial profile of AmexGBT, the agency said. The deal includes a purchase price of $570 million funded through on a cash-free and debt-free basis. Cash on hand is expected to retire CWT’s debt. This transaction is expected to close in the second half of 2024, following regulatory approvals.

Fitch said it aims to resolve the positive watch once the deal is complete under the announced terms, which may take longer than six months.

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