...- Garfunkelux Holdco 2 S.A. (Lowell) today announced a series of transactions that we expect to bolster its financial position. These transactions include the issuance of senior secured debt, the repayment of a number of existing bonds, and a capital injection from Lowell's financial sponsor owners. - We expect the transactions to facilitate the deleveraging of Lowell's balance sheet over 2020 and 2021, and alleviate some, but not all, of the longstanding pressure on Lowell's credit profile. - We are therefore revising the outlook on Lowell to stable from negative and affirming our 'B+' long-term issuer credit rating. - We are assigning an issue rating of 'B+' to the new senior secured notes to be issued by Garfunkelux Holdco 3, which is in line with the existing 'B+' rating on the senior secured notes issued by the same entity. - On finalization of the transactions, we will be withdrawing our 'B-' issue rating on the senior unsecured notes issued by Lowell as these notes will ultimately...
