Recoveries for senior unsecured notes are zero (
RR6), resulting in a rating two notches below Algeco's Long-Term IDR.
--Subordinated notes due 2019 and 2020 Long-Term Foreign-Currency Rating at 'B-'/'
RR6'.
It affirms the expected issue rating of Starfruit Finco BV for the senior secured debt of 'BB-(EXP)'/'RR3'/61% (previously 'BB-(EXP)'/'RR3'/66%) and the senior unsecured debt of 'B-(EXP)'/'
RR6'/0% (no change).
The 'CCC'/'
RR6' long-term rating on BoC's subordinated Tier 2 notes is notched twice off the bank's VR.
It has assigned the following ratings: --First-lien term loan facility 'B'/'RR3'; and --Senior unsecured notes 'CCC'/'
RR6'.
The waterfall results in a 61% recovery corresponding to an RR3 for the term loan facility and 8% recovery, corresponding to an
RR6 for the senior unsecured notes.
Fitch also has affirmed Elli's super senior facility rating at 'CCC'/'RR1' (100%) and senior unsecured notes at 'C'/'
RR6' (0%).
This updated recovery analysis has not affected the instrument ratings on the senior and junior debt tranches and Fitch has affirmed the super senior facility rating at 'CCC'/'RR1'/100% and its senior unsecured notes at 'C'/'
RR6'/0%.
--Senior Secured Second Lien Term Loan 'CCC+'/'
RR6'.
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 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.