Fitch raises Tereos notes

Fitch Ratings said it upgraded the rating on Tereos Finance Groupe 1 SA’s senior unsecured notes to BB from BB and affirmed Tereos SCA’s issuer default rating at BB. The recovery rating on the notes is RR4.

“The upgrade of senior unsecured rating reflects a reduction in the share of prior-ranking debt at operating companies in FY21-FY23, which we expect to be sustained. This, together with a low share of secured debt, results in average recovery prospects for the senior unsecured instruments,” Fitch said in a press release.

The outlook is stable.

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