Fitch Ratings has downgraded
Fitch has also downgraded the issue ratings of the ABL revolver and ABL term loan to 'BB+'/'RR1' from 'BBB-'/'RR1', the senior secured term loans to 'BB+'/'RR2' from 'BBB-'/'RR2', and the senior unsecured notes to 'BB-'/'RR4' from 'BB+'/'RR4'. The Negative Rating Watch has also been removed from the ratings. These actions follow the closing of the company's acquisition by affiliates of funds managed by
Concurrently, Fitch has withdrawn the ratings.
A 'BB-' rating level is consistent with the credit profile of
Fitch has withdrawn
Key Rating Drivers
Key Rating Drivers do not apply as the ratings have been withdrawn.
RATING SENSITIVITIES
Rating Sensitivities do not apply as the ratings have been withdrawn.
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 '
Issuer Profile
REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF RATING
The principal sources of information used in the analysis are described in the Applicable Criteria.
ESG Considerations
The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' 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. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. For more information on Fitch's ESG Relevance Scores, visit https://www.fitchratings.com/topics/esg/products#esg-relevance-scores.
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