RR3Rural Residential 3 (US zoning designation)
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- The Expected Senior Loan Long-Term Rating of 'B+(EXP)'/'RR3'/60% is now final and applied to the EUR830 million TLB but withdrawn from the EUR150 million RCF (as this rating is no longer required)
It affirmed Synlab Bondco PLC's senior secured instrument rating at 'B+'/'RR3'/'52%' and Synlab's senior instrument rating at 'CCC+'/'RR6'/'0%'.
Fitch has also assigned Invictus Media's EUR first lien senior secured debt, including the EUR300 million amortising term loan A (TLA), EUR380 million bullet term loan B (TLB) and EUR60 million revolving credit facility (RCF), and second lien term loan of EUR180 million final ratings of 'BB-'/'RR3' and 'B'/'RR6', respectively.
It affirmed the senior unsecured notes at 'BB-'/'RR3'/'59%', for both TCG and Thomas Cook Group Finance Plc.
The senior unsecured notes downgrade to 'B'/'RR4' from 'B+'/'RR3' for AES Argentina, Capex, Genneia and Pampa Energia is due to the downgrade of their LC IDRs to the same level as their FC IDRs, which per Fitch's "Country-Specific Treatment of Recovery Ratings" criteria no longer allows for a rating uplift for these obligations.
With Outlook Stable, Fitch has also assigned final senior secured ratings of 'BB-' with Recovery Ratings of 'RR3' (67%) to a seven-year term loan B (TLB) of EUR1,700 million and seven-year senior secured notes (SSN) of EUR735 million, both issued by Nidda Healthcare Holding GmbH.
The 'B+'/'RR3' ratings on the senior unsecured notes for AES Argentina, Albanesi, Capex, Genneia and Pampa Energia are one notch above their Foreign Currency IDR and reflect expected above-average recovery for creditors given a default.