Fitch rates Boston Luxembourg loan B

Fitch Ratings said it assigned a long-term issuer default rating of B to Boston Luxembourg II Sarl, along with a BB rating and recovery rating of RR1 to its new €914.5 million senior secured credit facility.

The company is expected to be renamed BSN medical Luxembourg Group Holding Sarl.

The outlook is stable.

Consequently, Fitch said it downgraded BSN medical Luxembourg Holding Sarl to B from BB-, removed it from Rating Watch negative and withdrew the rating as this entity no longer carries any debt under the new ownership structure.

The ratings reflect the company's the high leverage following its completed acquisition by private equity firm EQT, which resulted in the refinancing of its existing debt with the proceeds of the new senior secured credit facility, as well as a €391.5m mezzanine loan facility, the agency said.

The ratings continue to be supported by the company's leading market positions within the global medical device industry, strong brand recognition, solid and consistent operating performance and robust free cash flow generation, Fitch said.

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