Fitch rates Polygon notes B+

Fitch Ratings said it assigned an expected long-term issuer default rating of B to the Polygon AB.

The agency also said it assigned an expected instrument rating of B+ with recovery rating of RR3 to the company's proposed €210 million senior secured notes.

The outlook is positive.

The ratings reflect the company's niche specialist business profile, which benefits from its leading market position in a non-cyclical business, Fitch said.

The ratings are constrained by the company's limited size and low EBITDA margins compared with Fitch-rated peers, the agency said.

The positive outlook reflects expectations that under its experienced management, the company will generate revenue and margin growth via the benefits of scale from organic operations and the integration of bolt-on acquisitions, Fitch said.

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