Fitch lowers Allspring

Fitch Ratings said it downgraded Allspring Buyer LLC’s long-term issuer default rating and senior secured debt rating to BB- from BB.

“The downgrade reflects Fitch's expectations for higher leverage and lower interest coverage following a significant decline in Allspring's fee earning assets under management (AUM) in 1H22. Leverage and interest coverage metrics are now in excess of Fitch's downgrade triggers of 4.5x and 3x, respectively, and are not expected to improve materially over the near term,” the agency said in a press release.

The outlook is negative.

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