The affirmation reflects leverage remaining high at above 65%, partially mitigated by the addition of income-producing assets that are likely to support EBITDA interest cover going forward. The rating has been subsequently withdrawn for business reasons.

Ratingbestätigung trotz der früher als erwartet gestiegenen Verschuldung, da deren Anstieg durch die Akquisition vermieteter Immobilien, welche zur zukünftigen Stabilisierung der EBITDA Zinsdeckung beitragen, aus Kreditsicht teilweise aufgefangen wird.

Although FCR’s leverage has increased earlier than expected, the rise is partially mitigated by the addition of income-producing assets which provide more certainty on the improving stability of EBITDA interest cover going forward.

Das Emittentenrating wird hauptsächlich durch die Abhängigkeit des Unternehmens von seinem Handelsgeschäft zur ausreichenden Abdeckung der operativen und finanziellen Aufwendungen bestimmt.

The issuer rating is predominately driven by the company’s dependence on its trading business to secure sufficient coverage of both operational and financial expenses.