Fitch assigns Guala Closures first-time B+ rating, outlook stable
Fitch Ratings has assigned Guala Closures S.p.A. a first-time long-term issuer default rating of B+ with a Stable Outlook. The agency points to the group's leadership in closures and EBITDA margins above 20%, but flags leverage still elevated after recent acquisitions and capacity investment. Fitch expects strong free cash flow to support gradual deleveraging.
Why this mattersA first-time credit rating gives Guala Closures a benchmark for debt pricing as it works through leverage built up from acquisitions and capacity spending.
- Fitch assigned Guala Closures S.p.A. a B+ long-term issuer default rating with a Stable Outlook
- Fitch cites Guala's global leadership in closures and EBITDA margins above 20%
- Fitch says leverage remains high after recent acquisitions and capacity investments
- Fitch expects strong free cash flow to drive gradual deleveraging
- Fitch assigned an expected B(EXP) rating with RR4 recovery on Guala's planned senior secured debt on 22 September 2026, ahead of a refinancing
- Fitch-defined EBITDA leverage estimated at 5.8x at end-2026, expected to fall below 5.5x during 2028
- Estimated senior debt claims of EUR 1,195m, comprising EUR 1,000m senior secured notes and a EUR 175m super senior secured revolving credit facility
- Guala's 2025 EBITDA margin of 19 percent is cited by Fitch as above peers CANPACK (11 percent) and Ardagh Metal Packaging (11 percent)