Fitch ups Picard notes

Fitch Ratings said it has affirmed Picard BondCo SA's long-term issuer default rating at B+ with a stable outlook. The agency has also upgraded Picard's senior notes rating to BB- with a recovery rating of RR3 from B with a recovery rating of RR5.

Picard Groupe SAS' senior secured bank debt rating has been affirmed at BB with a recovery rating of RR2, Fitch noted.

The upgrade of the senior notes' rating follows the €110.5 million of senior secured debt repayments completed between April 2012 and October, the agency said.

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