Eversholt Funding PLC Fitch Ratings downgrade (3211N)
September 23 2019 - 7:29AM
UK Regulatory
TIDM95EA
RNS Number : 3211N
Eversholt Funding PLC
23 September 2019
Eversholt Funding plc
Eversholt Funding plc
23 September 2019
"Eversholt Rail notes the downgrade by Fitch Ratings of its
Issuer Rating from BBB+ to BBB and its bonds from A- to BBB+, both
with a stable outlook. This provides the business with additional
financial flexibility.
The rating reflects Fitch Ratings methodology applied to our
future lease rentals and the discount rate used for calculating the
future debt to NPV assumptions. Furthermore, the rating reflects
the point at which the business hits its peak leverage following
Eversholt Rail's significant investment in new fleet between 2015
and 2019. A number of these trains are now in service and are
beginning to contribute significantly to revenues.
Eversholt Rail, and its shareholders, remain committed to an
investment grade rating. This has most recently been demonstrated
in 2015 when distributions were re-invested to support the rating
and underpin new build investment.
For any further information, please contact Will Cuthbert, Head
of Treasury on 0207 380 5042".
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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