Fitch lowers Picard

Fitch Ratings said it has downgraded Picard BondCo SA’s long-term issuer default rating to B from B+ and Picard Groupe SAS' senior secured floating-rate notes and revolving credit facility ratings to BB-/RR2 from BB/RR2.

Fitch said it has removed the ratings from rating watch negative, where they were placed on Feb. 5.

The agency added that it has simultaneously assigned a final instrument rating of CCC+/RR6 to Picard BondCo's €428 million of senior notes due 2020.

The outlook on the issuer default rating is stable.

The downgrade reflects the sponsor's aggressive financial policy leading to higher leverage and refinancing risk, which results in a financial profile more in line with B- rated peers.

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