S&P ups Grupo Antolin Irausa

S&P said it upgraded its ratings for Grupo Antolin Irausa SA and its senior secured notes to B from B-.

The agency noted Grupo Antolin reported more than €125 million of adjusted free operating cash flow in 2020, beating the agency’s estimate in its previous base case. The company also amended its main term loan, increasing near-term covenant headroom and extending the group's maturity profile.

“We expect industry recovery will support revenue growth of 9%-11% in 2021 and 7%-9% in 2022, which, combined with continued cost discipline, will lead the group's leverage to improve to about 5x by 2022 from about 8x at year-end 2020,” S&P said in a press release.

The outlook is stable.

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