...Fitch Ratings has affirmed Italy-based elastomeric insulation producer L'isolante K-Flex S.p.A.'s (K-Flex) Long-Term Issuer Default Rating (IDR) at 'B+'. The Outlook is Stable. It has also affirmed the senior unsecured rating at 'BB- '/'RR3'. The affirmation reflects K-Flex's adequate business profile. The group benefits from international revenues, diverse end-markets and dominant market positions, but its ratings are constrained by limited scale and operational diversification. The group's better-than-expected trading performance in 2016 resulted in higher FFO and lower FFO adjusted net leverage than previously forecast. We expect FFO adjusted net leverage to remain at/or below 3.0x in line with our guidance for the ratings, despite growth investments....
