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Fitch revises Centurion view to negative
Fitch Ratings said it revised Centurion Bidco SpA’s outlook to negative from stable while affirming its B+ long-term issuer default rating. The agency also affirmed Centurion's €605 million fixed-rate notes at BB-/RR3.
The revision follows the acquisition of a 67% stake in the Italy-based consulting firm Be-Shaping The Future SpA (Be).
“The negative outlook reflects higher leverage, and weakening coverage ratios and free cash flow (FCF) generation. This follows our expectations of rising interest rates through 2023, paired with uncertainties around the structure of acquisition financing. Fitch also takes a more conservative view on Centurion's finance division, following the disclosure by the company of overestimated sales for 2022 due to an accounting error,” Fitch said in a press release.
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