Fitch rates Irel loan BB-

Fitch Ratings said it assigned a long-term issuer default rating of B+ to Irel BidCo Sarl with a stable outlook.

Fitch also said it assigned an expected instrument rating of BB- with a recovery rating of RR3 to the $1.4 billion first-lien senior secured loans issued by Irel AcquiCo GmbH.

The ratings reflect the company's leading market position in ready-to-use packaging containers pooling solutions, the stable, non-cyclical demand of its end-markets and its sound organic growth prospects, the agency said.

The ratings also factor in high financial leverage, which is expected to be just in excess of 6x pro forma for the transaction, as well as some concentration in terms of customers and services offered, Fitch said.

Ongoing retailer trends such as automation, supply chain efficiencies, environmental awareness, growing population and healthier living all support the conversion to a system that is better in preserving the quality of in particular fresh fruit and vegetables, the agency said.

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