Fitch alters Fortress outlook to stable

Fitch Ratings said it revised the outlook for Foundation Holdco LP, the parent company and successor to Fortress Investment Group LLC, and its rated subsidiaries (collectively Fortress) and FinCo I LLC to stable from positive.

Recently, Fortress boosted its term loan facility by $100 million to $800 million and extended the maturities on its term loan to June 2028 and revolver to December 2027.

“The revision of the outlook to stable reflects Fitch's expectation that, given the term loan upsize, leverage is no longer expected to approach 4x by the end of the outlook horizon, set at the time of the revision to positive,” the agency said in a press release,” the agency said in a press release.

Concurrently, Fitch said it affirmed the BB ratings on Fortress and its senior secured debt.

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