Fitch Ratings has assigned Alfa Holding Issuance plc's (AHI) upcoming euro-denominated senior issue of limited recourse loan participation notes an expected "BB+(EXP)", the rating agency said in a press release on June 3.
“AHI, an Irish SPV issuing the bonds, will on-lend the proceeds to Cyprus-based ABH Financial Limited (ABHFL, BB+/Negative), as the ultimate borrower under the notes,” the press release says.
The final rating is contingent on the receipt of final documents conforming to information already provided, it says.
The issue will not be guaranteed by Alfa Bank (BBB-/Negative), a main operating subsidiary of ABHFL.
ABHFL will use the proceeds from the issue mainly to refinance existing liabilities and therefore it will not lead to an increase in the company’s net leverage.
