Fitch gives Azelis, senior unsecureds BB+

Fitch Ratings said it assigned Azelis Group NV a long-term issuer default rating of BB+ with a stable outlook.

The agency also assigned Azelis a senior unsecured rating of BB+. The recovery rating is RR4.

“The IDR balances Azelis's position as a leading specialty chemical distributor with strong diversification of suppliers, customers and products against its higher leverage than other chemical distributor peers,” Fitch said in a news release.

“It also captures the company's record of stable profit margins and positive free cash flow (FCF), which supports EBITDA-accretive bolt-on acquisitions.”

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