Fitch rates Apollo Swedish B, notes B

Fitch Ratings said it assigned expected B ratings to Apollo Swedish Bidco AB and its planned €480 million of senior secured floating-rate notes. The expected recovery rating on the notes is RR4.

The agency also affirmed its wholly owned subsidiary Assemblin Group AB at B and its €350 million of senior secured notes rating at B+ with an RR3 recovery rating. The outlook is stable.

“The ratings of Assemblin and Apollo are aligned for the purpose of the refinancing transaction and reflect the expected capital structure under the new ownership by Triton IV Continuation Fund,” Fitch said in a press release.

Apollo will redeem Assemblin’s notes and the acquisition-related shareholder bridge loan of €125million with its new notes.

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