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S&P boosts Cerdia parent
S&P said it raised its ratings on BCP VII Jade Topco (Cayman) Ltd., Cerdia Finanz GmbH’s parent company, and its senior secured notes due 2027 to B from B-.
“Cerdia's EBITDA should remain healthy over the next quarters, following a stronger than initially anticipated 2023.The company's consolidated EBITDA increased by about 110% to $245 million in 2023, driven by higher filter tow selling prices and acetate flake volumes.
“We anticipate that the company's EBITDA will remain elevated at $240 million-$250 million in 2024. This is supported by good volume visibility, as 100% of 2024 volumes are already contracted and we understand that Cerdia is now focusing on 2025 agreements including multi-year contracts with key accounts,” the agency said in a press release.
Additionally, S&P said it expects FOCF will stay elevated at $90 million-$110 million in 2024, compared with $95 million in 2023.
The outlook is stable.
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