Fitch moves Clarios outlook to positive

Fitch Ratings said it changed its outlook for Clarios International Inc. and its subsidiary Clarios Global LP to positive from stable.

“The revision of Clarios' rating outlook to positive reflects Fitch's expectation that the company's forecast FCF will be prioritized towards debt reduction, resulting in EBITDA leverage (according to Fitch's calculations) declining below 5.5x and EBITDA interest coverage running at about 2.5x. Fitch expects to resolve the outlook over the next 12-18 months as Clarios' debt repayment plans progress and structurally improve the financial profile,” Fitch said in a press release.

The agency said it also affirmed their long-term issuer ratings at B and Clarios Global's secured asset-based lending revolver at BB/RR1, first-lien secured revolver, term loans and notes at B+/RR3 and senior unsecured notes at CCC+/RR6.

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