Fitch downgrades Cerberus

Fitch Ratings said it downgraded Cerberus Nightingale 1 SA's long-term issuer default rating to B from B+.

The outlook is stable.

Cerba HealthCare SAS's €530 million senior secured notes also were downgraded to B+ with recovery rating of RR3 from BB- with recovery rating of RR3 and the €145 million senior notes issued by Cerberus were downgraded to CCC+ with recovery rating of RR6 from B-with a recovery rating of RR6.

Cerberus is an indirect holding company of Cerba HealthCare, which was formerly known as Cerba European Lab SAS, Fitch said.

The downgrades reflect an expectation that Cerberus's de-leveraging process will take longer than initially assumed at the time of the Novescia acquisition in January 2015, the agency said.

This is driven by increased indebtedness and a challenging operating environment, Fitch said.

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