Fitch Ratings has affirmed SGLT Holding I LP's (SGLT) Long-Term Issuer Default Rating (IDR) at 'B' with a Stable Outlook, and SGL International A/S's senior secured rating at 'B+' with a Recovery Rating of RR3'.

The ratings have simultaneously been withdrawn.

The ratings are withdrawn as they are no longer considered relevant to the agency's coverage. Fitch will no longer provide ratings or analytical coverage of SGLT.

Key Rating Drivers

The withdrawal follows Skill BidCo ApS's (B(EXP)/Stable) announced acquisition of SGLT's operating assets and anticipated closing of the transaction. Existing bonds of SGL International A/S were partially converted into temporary bonds. New Skill BidCo bonds were also issued and successfully placed on 2 March 2023, the proceeds of which will be used to repay SGL International's remaining bondholders.

The affirmation reflects the unchanged credit profile ahead of the transaction's closing. The challenging business environment is mitigated by the diversified portfolio of clients across industries and higher resilience of the niche segment SGLT operates in.

For further details on Skill BidCo's rating, see: Fitch Assigns Skill Bidco 'B(EXP)' IDR, Outlook Stable; Senior Secured Notes 'B+(EXP)'/RR3

Derivation Summary

We view the company's debt capacity and credit metrics as in line with 'B' rated peers'. The credit profile is supported by the diversification of its end-customer portfolio by industry. We view SGLT's earnings as less volatile than that of sole carriers, such as shipping companies, but its small size constrains its debt capacity.

We view InPost S.A. (BB/Stable) as a broad industry peer. InPost is a niche leader with good revenue visibility and limited competition translating into high operating margins. It also has a more conservative financial structure, which explains the several rating-notch differential.

Key Assumptions




Best/Worst Case Rating Scenario

International scale credit ratings of Non-Financial Corporate issuers have a best-case rating upgrade scenario (defined as the 99th percentile of rating transitions, measured in a positive direction) of three notches over a three-year rating horizon; and a worst-case rating downgrade scenario (defined as the 99th percentile of rating transitions, measured in a negative direction) of four notches over three years. The complete span of best- and worst-case scenario credit ratings for all rating categories ranges from 'AAA' to 'D'. Best- and worst-case scenario credit ratings are based on historical performance. For more information about the methodology used to determine sector-specific best- and worst-case scenario credit ratings, visit

Liquidity and Debt Structure


Issuer Profile

SGLT is an asset-light freight forwarder and logistics provider with a global footprint, and is particularly active in the Nordics and north America.


The principal sources of information used in the analysis are described in the Applicable Criteria.

Public Ratings with Credit Linkage to other ratings

Although their ratings are not formally linked, we use similar data for SGLT as to that used in the expected rating of Skill BidCo.

ESG Considerations

Following the rating withdrawal Fitch will no longer provide ESG Relevance Scores for SGLT.

Unless otherwise disclosed in this section, the highest level of ESG credit relevance is a score of '3'. This means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. For more information on Fitch's ESG Relevance Scores, visit

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