Fitch snips Acropole loan

Fitch Ratings said it downgraded its rating for Acropole Holding SAS’ term loan after it added a €300 million tranche and increased the size of its revolver. The term loan’s recovery rating is RR4 and the agency removed the negative watch on the senior secured debt.

The agency concurrently affirmed Diot - Siaci TopCo SAS' long-term issuer default rating at B.

“Fitch expects the group to use new debt proceeds for the acquisition of Nasco Insurance Group's (Nasco) brokerage business, finance a minority buyout and maintain cash on the balance sheet to fund other acquisitions. However, we forecast Diot - Siaci's leverage to remain within its sensitivities for a B rating in the sector,” the agency said in a press release.

The outlook remains stable.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.