Fitch Ratings has affirmed
The ratings have simultaneously been withdrawn.
The ratings are withdrawn as they are no longer considered relevant to the agency's coverage. Fitch will no longer provide ratings or analytical coverage of SGLT.
Key Rating Drivers
The withdrawal follows
The affirmation reflects the unchanged credit profile ahead of the transaction's closing. The challenging business environment is mitigated by the diversified portfolio of clients across industries and higher resilience of the niche segment SGLT operates in.
For further details on Skill BidCo's rating, see: Fitch Assigns Skill Bidco 'B(EXP)' IDR, Outlook Stable; Senior Secured Notes 'B+(EXP)'/RR3
Derivation Summary
We view the company's debt capacity and credit metrics as in line with 'B' rated peers'. The credit profile is supported by the diversification of its end-customer portfolio by industry. We view SGLT's earnings as less volatile than that of sole carriers, such as shipping companies, but its small size constrains its debt capacity.
We view
Key Assumptions
N/A
RATING SENSITIVITIES
N/A
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 '
Liquidity and Debt Structure
N/A
Issuer Profile
SGLT is an asset-light freight forwarder and logistics provider with a global footprint, and is particularly active in the Nordics and north America.
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.
Public Ratings with Credit Linkage to other ratings
Although their ratings are not formally linked, we use similar data for SGLT as to that used in the expected rating of Skill BidCo.
ESG Considerations
Following the rating withdrawal Fitch will no longer provide ESG Relevance Scores for SGLT.
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.
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