Fitch Ratings has affirmed Infinis plc's long-term IDR at 'BB-', but revised the outlook to negative from stable. Fitch has affirmed the rating of the senior secured notes at 'BB-'.
Fitch says the company's 'BB-' rating reflects free cash-flow generation underpinned by the contracted position until 1H18. However, price volatility lowers visibility longer term and the prospect of a new shareholder and possible early refinancing may modify the capital structure.
Fitch expects FFO adjusted net leverage to breach rating guidelines in the financial year to March 2017 (FY17) and FY18, while the uncertainty from FY19 also implies a shift in outlook to negative from stable.