Fitch upgrades Univar

Fitch Ratings said it upgraded the long-term issuer default rating of Univar Solutions, Inc. to BB+ from BB. Fitch also upgraded the company’s senior secured asset-based loan facilities and term loans to BBB-/RR1 from BB+/RR1, as well as upgraded the senior unsecured notes to BB+/RR4 from BB/RR4. The agency revised the outlook revised to stable from positive.

“The upgrade to BB+ reflects Fitch’s expectation that total debt to EBITDA will be sustained at or below 3.5x in 2021 and, thereafter, which is consistent with management’s stated financial policy of net debt to EBITDA of 3x and BB+ rating tolerances,” the agency said in a press release.

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