...Upgrade to `B+': Fitch Ratings upgraded Italy-based elastomeric insulation producer L'isolante K-Flex S.p.A's (K- Flex) Long-Term Issuer Default Rating (IDR) to 'B+' from 'B' with a Stable Outlook, in August 2016. The upgrade reflects the group's good track record of delivering consistently profitable growth, declining key-man risk, and improving product diversification. Its capital structure is already commensurate with a `B+' rating and is supported by healthy trading and a prudent financial policy that focuses on working-capital and procurement optimisation. Diminishing Key-Man Risk: Fitch believes that key man risk is diminishing as the group continues to grow. K-Flex's management comprises highly qualified, externally hired staff. These have been put in place to manage subsidiaries locally, following the group's international expansion. The group is headed by members of the founding family and the current CEO remains the architect of the group's strategy. However, we believe K-Flex...
