S&P boosts Cirsa

S&P said it raised its ratings on Cirsa Enterprises SLU and its senior secured notes to B from B- and upgraded the rating on the €483 million in senior secured payment-in-kind notes issued by LHMC Finco 2 Sarl to CCC+ from CCC.

“Solid operational and financial execution should support sustainable deleveraging. Cirsa exceeded our expectations in terms of revenue, earnings, and free cash flow through 2022. Revenue rose 52.5% to €2 billion and adjusted EBITDA growth jumped 65.7% to €544 million. Management has improved profitability over the past couple of years by executing cost-efficiency initiatives and boosting operating margins to 26.7% in 2022, well above pre-pandemic levels (24.5% in 2019),” the agency said in a statement.

S&P said it forecasts Cirsa to cut its S&P Global Ratings-adjusted debt to EBITDA under 5x by year-end 2023.

The outlook is positive.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.