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Fitch gives B to Cedacri notes
Fitch Ratings said it gave expected B/RR4 ratings to Cedacri Mergeco SpAs planned 250 million of floating-rate notes and revised the outlook to negative from stable. The agency also affirmed the B issuer and senior secured ratings.
The proceeds will finance about a 50 million tax payment, which will give Cedacri access to tax savings. The issue will also finance around 150 million of shareholder distributions.
The negative outlook is driven by Cedacri's expected high leverage following the contemplated FRN issue. Despite a forecast solid trend in profitability, higher debt service costs will reflect in interest cover metrics not being aligned with a B rating over 2023-2024, Fitch said in a press release.
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