Fitch upgrades Jerrold

Fitch Ratings said it upgraded Jerrold Holdings Ltd.'s long-term issuer default rating to BB- from B+ and the senior notes issued by Jerrold FinCo and guaranteed by Jerrold to BB- from B+. The outlook is stable.

The agency said the upgrade takes into account the group's improved access to a more diversified investor base for its debt, which has enabled it to grow, improve the quality of its receivables book and increase its profitability.

Jerrold's ratings reflect the significant risks arising from its relatively undiversified business model, which relies on limited funding sources, Fitch said.

The ratings benefit from the company's modest gearing, strong capital generation and adequate risk management, the agency said.

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