Fitch Ratings has downgraded the Long-Term Issuer Default Ratings (IDRs) of
These actions follow the closing of the company's acquisition by
A 'B+' rating level is consistent with the credit profile of the new issuer and filer of financial statements,
Fitch has withdrawn the ratings of
Key Rating Drivers
Key Rating Drivers do not apply as the ratings have been withdrawn.
RATING SENSITIVITIES
Rating Sensitivities do not apply as the ratings have been withdrawn.
Best/Worst Case Rating Scenario
International scale credit ratings of Non-Financial Corporate issuers have a best-case rating upgrade scenario (defined as the 99th percentile of rating transitions, measured in a positive direction) of three notches over a three-year rating horizon; and a worst-case rating downgrade scenario (defined as the 99th percentile of rating transitions, measured in a negative direction) of four notches over three years. The complete span of best- and worst-case scenario credit ratings for all rating categories ranges from '
Issuer Profile
REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF RATING
The principal sources of information used in the analysis are described in the Applicable Criteria.
ESG Considerations
Following the withdrawal of ratings for
Unless otherwise disclosed in this section, the highest level of ESG credit relevance is a score of '3'. This means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. For more information on Fitch's ESG Relevance Scores, visit www.fitchratings.com/esg
RATING ACTIONSENTITY/DEBT RATING PRIOR
W. R. Grace & Co. - Conn. LTIDR B + Downgrade BB+
LT IDR WD Withdrawn BB+
W. R. Grace & Co. LTIDR B + Downgrade BB+
LT IDR WD Withdrawn BB+
VIEW ADDITIONAL RATING DETAILS
Additional information is available on www.fitchratings.com
PARTICIPATION STATUS
The rated entity (and/or its agents) or, in the case of structured finance, one or more of the transaction parties participated in the rating process except that the following issuer(s), if any, did not participate in the rating process, or provide additional information, beyond the issuer's available public disclosure.
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