Fitch Upgrades Rolls-Royce & Partners Finance Rating to 'BBB'

Fitch Ratings upgraded Rolls-Royce & Partners Finance Limited's (RRPF) Long-Term Default Rating (IDR) from 'BBB-' to 'BBB' on Thursday, March 13, 2025, assigning a positive outlook. This upgrade follows the elevation of Rolls-Royce plc's rating, RRPF's 50% shareholder, from 'BBB-' to 'BBB+'. The upgrade reflects an increase in the Shareholder Support Rating from 'bb+' to 'bbb'.

The upgrade signifies expectations of support from Rolls-Royce, viewed as strategically significant for RRPF, although not as a core subsidiary. RRPF's positive outlook mirrors Rolls-Royce's Long-Term IDR. Factors such as RRPF's integration with Rolls-Royce in operations and financing, along with its role in post-sales offerings, contribute to this assessment. The independent credit profile is not immediately affected by the upgrade, as RRPF maintains limited leverage and stable asset utilization rates, ensuring profitability amidst demand fluctuations.