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S&P revises HC2 outlook to stable
S&P said it revised the outlook on HC2 Holdings Inc. to stable from negative and affirmed the B- ratings on the company and its senior notes.
HC2’s recent balance sheet initiatives improved its financial flexibility. It no longer faces material near-term maturities at its holding company after refinancing debt. The company refinanced its senior notes with new notes due in 2026. Most of its senior convertible notes are now due in 2026. HC2 repaid holding company revolver borrowings and amended this priority revolver, extending the maturity to 2024 and upsizing the facility to $20 million from $15 million, S&P noted.
“The stable outlook on HC2 reflects our expectation that its cash flow will remain stretched over the next year, with a cash flow adequacy ratio below 0.7x. However, the outlook also reflects our expectation that liquidity will remain adequate,” the agency said in a press release.
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