Fitch rates Nickel Industries bonds B+

Fitch Ratings said it assigned a B+ rating with a recovery rating of RR4 to Nickel Industries Ltd.’s (B+/stable) proposed senior unsecured bonds of at least $350 million.

The bonds are rated at the same level as the issuer default rating as they constitute the senior, unsecured and unsubordinated obligations of the company.

Fitch said it expects Nickel’s liquidity to further improve with the proposed bond issue, as the proceeds would be used to refinance the existing $325 million senior unsecured and $225 million senior secured notes. In addition, Fitch said it expects the company to maintain its EBITDA leverage below 1.6x and EBITDA interest coverage above 5.6x through to 2026.

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